Here’s where prices rose the most in March

Inflation rose again in March, with consumer prices rising 0.4% from the previous month and 3.5% from a year earlier.

The latest statistics show that the Consumer Price Index (CPI), which is closely watched as an indicator of inflation, has exceeded expectations for the third consecutive month, indicating that the US Federal Reserve will soon start cutting interest rates. I feel like I’m going to be showered with cold water on expectations that this will happen.

This is where prices rose the most last month.

Auto insurance and repairs ‘significantly increased’

Auto insurance and repairs showed the biggest increase over the year. Auto insurance costs rose 22.4% over last year and 2.6% last month, while repair costs rose 11.6% over the year and 3.1% in March.

Mark Zandi, chief economist at Moody’s Analytics, called this “significant increase” in auto insurance and maintenance a “huge surprise.”

“This reflects the rise in new car prices,” Zandi said in a post on social platform X. “The good news is that vehicle prices have reversed, which will soon eliminate insurance and maintenance costs. Deaf,” he said.

Home elderly care and video discs record record increase

Home care costs for people with disabilities and the elderly increased by 14.2% over the past year, the largest annual increase for this category ever. In March alone, home care costs increased by 5.9%.

Video discs and other media also recorded the largest increase on record, with costs rising 30.1% over the year and 14.7% last month.

Frozen drinks, busy with house repairs

Prices for frozen still juices and beverages fell 0.1% in March, but rose 27.5% year-on-year. This represents a slight improvement compared to earlier this year, when frozen drink prices rose by 10% in January alone and 29% over the year. According to Newsweek magazine.

Home repair costs have also increased significantly year over year, with prices rising 18% year-on-year last month.

Housing, gas increases inflation overall

The main drivers of last month’s rise in inflation were housing and gasoline costs, which contributed more than half of the overall rise in inflation.

Shelter costs rose 0.4% in March and 5.7% from the same month last year, accounting for more than 60% of the 12-month increase in all items except food and utilities. Gasoline prices rose 1.7% last month and 1.3% for the year.

“Inflation continues to moderate, and the only factor keeping the Fed from its goal is shelter costs, which will recede, but still, until this outlook becomes almost certain, “The Fed won’t move,” he said.

“The most worrying thing is the recent rise in crude oil prices and, by extension, gasoline prices,” he added. “Nothing damages the economy more quickly than rising oil prices, as they take away consumer purchasing power, hurt sentiment, and boost inflation expectations.”