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Energy prices down 6.4 percent from March 2022 to March 2023

April 17, 2023

Over the 12 months ended March 2023, the Consumer Price Index for All Urban Consumers increased 5.0 percent; this was the smallest 12-month increase since the year ending May 2021. Energy prices decreased 6.4 percent since March 2022. 

Percent change in the Consumer Price Index for All Urban Consumers, selected periods and categories, March 2023, not seasonally adjusted
Period All items Food Energy All items
less food
and energy

1-year change, March 2022 to March 2023

5.0 8.5 -6.4 5.6

2-year change, March 2021 to March 2023

14.0 18.0 23.6 12.4

3-year change, March 2020 to March 2023

16.9 22.1 39.8 14.3

5-year change, March 2018 to March 2023

21.0 27.1 31.3 19.0

10-year change, March 2013 to March 2023

29.7 35.8 11.8 31.1

Food prices increased 8.5 percent over the last 12 months. Prices for food at home rose 8.4 percent. Prices for major grocery store foods increased, ranging from 2.5 percent (fruits and vegetables) to 13.6 percent (cereals and bakery products). Prices for food away from home rose 8.8 percent over the last year.

Within the energy category, gasoline prices decreased 17.4 percent over the past 12 months. In contrast, electricity prices rose 10.2 percent over the last year.

Prices for all items not including food and energy rose 5.6 percent over the 12 months ended March 2023. Shelter prices increased 8.2 percent over the last year, accounting for over 60 percent of the total increase in all items less food and energy.

Since March 2021, consumer prices were up 14.0 percent, overall. Food prices increased 18.0 percent, and energy prices, 23.6 percent. Prices for all items not including food and energy were 12.4 higher in March 2023 compared with 2 years earlier.

Since the beginning of the COVID-19 pandemic 3 years ago in March 2020, consumer prices increased 16.9, overall. Food prices increased 22.1 percent, while energy prices were 39.8 percent higher. Prices for all items less food and energy increased 14.3 over the past 3 years.

These data are from the Consumer Price Index program and are not seasonally adjusted. For more consumer price data, see "Consumer Price Index — March 2023." Also see more charts of consumer prices data.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Energy prices down 6.4 percent from March 2022 to March 2023 at https://www.bls.gov/opub/ted/2023/energy-prices-down-6-4-percent-from-march-2022-to-march-2023.htm (visited July 16, 2024).

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