WASHINGTON - Consumer prices increased 0.5% in March on a seasonally adjusted basis, mostly because of rising gasoline and food prices, the Labor Department reported Friday.
Core consumer prices, which exclude food and energy, increased 0.1% for the month, following a 0.2% gain in each of February and January.
Economists were on target with their projection for consumer prices but were slightly high for core consumer prices, estimating a 0.2% gain, according to the median estimate from Thomson Reuters.
Gasoline prices, up 5.6% after a 4.7% increase in February and food prices, up 0.8% after rising 0.6% in February, together accounted for almost three quarters of the March gain in consumer prices, the department said.
The jump in food prices was the largest since July 2008 and the advance in gasoline prices was the largest since December of last year. Food at home prices were up 1.1% and prices for food away from home were up 0.3%.
Fuel oil was up 6.2%, but that figure was not seasonally adjusted, the department said.
In the core consumer price group, prices were up 0.8% for used cars and trucks and up 0.7% for new vehicles.
Prices for apparel were down 0.5%.
For the 12 months ending in March, consumer prices gained 2.7%.
Core prices increased 1.2% over the last 12 months, above the low of 0.6% in October, but still below the 1.9% average over the last 10 years, the department said.
Real average hourly earnings on a seasonally adjusted basis declined by 0.6% in March while real weekly earnings declined by 0.5% over the month.
