The Labor Department announced on Wednesday the U.S. consumer price index (CPI) rose 0.4 percent m-o-m in March after a 0.2 percent m-o-m gain in February.

Over the last 12 months, the CPI rose 1.9 percent y-o-y last month, following a 1.5 percent m-o-m advance in the 12 months through February. That was the highest rate since December 2018.

Economists had forecast the CPI to increase 0.3 percent m-o-m and 1.8 percent y-o-y in the 12-month period.

According to the report, the energy index surged 3.5 percent m-o-m in March, accounting for about 60 percent of the seasonally adjusted all items monthly increase, while the food index rose 0.3 percent.

Meanwhile, the core CPI excluding volatile food and fuel costs edged up 0.1 percent m-o-m in March, the same increase as in the previous month.

In the 12 months through March, the core CPI rose 2.0 percent after a 2.1 percent increase for the 12 months ending February.

Economists had forecast the core CPI to rise 0.2 percent m-o-m and 2.1 percent y-o-y last month.