The US Consumer Price Index rose 0.9% in March 2026, accelerating from February’s 0.3% increase. Inflation over the past 12 months reached 3.3%, slightly below the 3.4% consensus forecast.
Core CPI, excluding food and energy, increased 2.6%, compared with expectations of 2.7%.
March inflation climbed as shelter and energy kept price pressures elevated. Energy prices jumped 10.9% in March, marking the largest monthly increase in nearly two decades, driven by a 21.2% surge in gasoline. Shelter increased 0.3%, while food prices were unchanged overall.
Energy prices have surged following the Iran war, with disruptions to global oil shipping routes contributing to higher costs across commodities.
Expectations of interest rate cuts in 2026 have been largely scaled back. Federal Reserve officials have signaled in recent FOMC minutes that further tightening remains a possibility depending on inflation dynamics.
Bitcoin rose above $72,000 ahead of the CPI release and was hovering around that level at the time of reporting. The crypto market, however, is still under pressure. Bittensor’s TAO led declines over the past 24 hours, falling more than 20% following Covenant AI’s departure.