Inflation: are we out of the woods yet?
Consumer prices are starting to cool down. The latest report shows that prices rose only 0.1% from February to March, and 5% since March 2022. That’s the lowest annual increase since May 2021, and it’s a step down from February’s monthly (0.4%) and annual (6%) rates.
Leading the decline are energy costs, which dropped 3.5% over the last month. But housing costs continue to rise, climbing 8.2% in the last year and contributing to 60% of the increase in the “core inflation” category. The Organization of the Petroleum Exporting Countries (OPEC)’s unexpected decision to cut down on oil sales will likely raise energy costs, leaving Americans to wonder about inflation: Are we out of the woods yet?
Each month, No Labels looks beyond the headline inflation number to see how costs are changing for the things that matter most to consumers — staples like milk, bread, and meat, as well as gas and housing. Here’s this month’s Kitchen Table Index: