US CPI Soars 0.9% MoM in March, Most Since 2022

The Consumer Price Index in the United States increased 0.9% month-over-month in March 2026, the largest increase since June 2022, following a 0.3% gain in February and in line with forecasts. Energy prices rose 10.9%, led by a 21.2% jump in gasoline which accounted for nearly three quarters of the increase due to the impact of the war with Iran. The shelter index also increased, rising 0.3%. The price for food was unchanged.

The US consumer price index rose by 0.3% from the previous month in February, picking up from the 0.2% increase in the previous month and matching market expectations. Prices rose sharply for fuel oil (11.1 vs -5.7% in January) and gasoline (0.8% vs -3.2%), lifting aggregate energy costs by 0.6%. Energy prices are due to rise further in March as the war in Iran triggered a surge in energy commodity prices. In the meantime, food costs rose by 0.4% (vs 0.2%) amid increases in food at home (0.4% vs 0.2%) and away from home (0.3% vs 0.1%). Core consumer prices rose by 0.2% from the five-month high of 0.3% in January, with support from medical care services (0.6% vs 0.3%) offsetting the decline in used cars and trucks (-0.4% vs -1.8%).

US consumer prices increased by 0.2% month-over-month in January 2026, easing from December’s pace and coming in below expectations for a 0.3% rise. Shelter costs climbed 0.2%, while food prices also rose 0.2%, with the index for food at home matching that increase and food away from home edging up 0.1%. Additional upward pressure came from higher airline fares, as well as gains in personal care, recreation, medical care, and communication services. These increases were partly offset by a 1.5% drop in energy prices. Declines were also recorded in used cars and trucks, household furnishings and operations, and motor vehicle insurance, helping to moderate the overall monthly advance.