The Consumer Price Index (CPI) rose 1.6% on a year-over-year basis in March, following a 2.0% gain in February.

Excluding food and energy, the CPI was up 1.7% year over year in March, after posting a 2.0% increase in February.

Prices were up in five of the eight major components in the 12 months to March, with the transportation and shelter indexes contributing the most to the year-over-year rise in the CPI. The food index and the clothing and footwear index declined year over year, while the price index for household operations, furnishings and equipment was unchanged.

Transportation costs rose 4.6% over the 12-month period ending in March, after increasing 6.6% in February. The increase in transportation costs, as well as the deceleration in the growth of these prices compared with the previous month, was led by the gasoline index. On a year-over-year basis, gasoline prices rose 15.2% in March, following a 23.1% increase in February. The purchase of passenger vehicles index was up 2.1% in the 12 months to March, following a gain of 3.6% in February