NAA Inflation Tracker: March 2024

CPI, Latest Release, February 2024  

February CPI numbers once again were hotter than expected. Headline CPI, up 3.2% year-over-year, is certainly showing signs of plateauing, with a tight range of 3.1%-3.3% for the past 5 months. Core CPI, on the other hand, continues to trend downwards, and at 3.8%, is at the lowest level since May 2021. But monthly figures continue to show stickiness, with both measures rising by 0.4%. Headline CPI was driven by shelter costs and gas prices, which were responsible for more than 60% of the monthly increase.

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Inflation Tracker March 2024