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Inflation is continuing to slow down according to the Bureau of Labor Statistics’ latest Consumer Price Index report released this morning. According to the CPI data, during the month of March, prices decreased by about 0.1% month over month. Prices rose annually by just 2.4%.
While that’s still higher than the Fed’s target rate of just 2%, both the month-to-month and annual inflation rates were below what LSEG economists had estimated. These numbers are also down from February’s inflation data, which came in at 2.8% annually.
One of the major factors in this inflation slowdown was likely the decrease in energy prices. As Fox Business reported this morning, energy prices were actually down 2.4 percent. This is in line with claims that President Trump has made for months that bringing down energy prices will be a major step toward ending the inflationary crisis caused by Bidenomics.
Overall transportation costs fell 1.4% in March, led by a major drop in airfares, which were down 5.3%, and motor vehicle insurance, which also fell by 0.8%. That offsets the rise in motor vehicle maintenance and repair, which did rise by 0.8%.