WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation, as measured by the consumer price index (CPI) on all items, increased by 2.4% for the 12 months ending in March, down sharply from February’s 2.8% reading and far below expectations.

Core inflation, which excludes volatile energy and food prices, rose at a pace of 2.8% in March from a year prior, down from 3.1%. Housing inflation (shelter) increased by 4%, and food accelerated by 2.4% over the past 12 months, both slowing from February readings. Real average weekly wages increased by 0.8%.

Patrice Onwuka, director of the Center for Economic Opportunity at Independent Women, issued the following statement:

“This encouraging inflation report is the good news that American households need right now. Inflation is heading in the right direction: the inflation rate cooled to a six-month low, the core inflation rate—less food and energy—experienced the smallest increase in nearly four years, and on a monthly basis, prices fell for the first time in nearly five years.

“Just as energy prices were a driving force for inflation to rise, falling energy prices are bringing price levels down with them. That’s great news for consumers.

“Ramped up energy production domestically and globally and deregulation are working to bring down prices under the Trump administration. Tax cuts are the third leg of this pro-growth agenda. As the administration reworks trade agreements that could impact prices, Congress cannot delay in making the 2017 Tax Cuts and Jobs Act permanent and even expanding upon those tax reforms. Tax cuts will deliver much-needed additional relief for households and small businesses and spur growth in the economy.”

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Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.

Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.