In March, the Consumer Price Index (CPI) recorded its first month-to-month decline since President Donald Trump’s first term in the White House, according to data released Thursday by the U.S. Bureau of Labor Statistics (BLS).

The seasonally adjusted CPI for all urban consumers fell 0.1 percent in March, compared to February, when it rose 0.2 percent from the previous month.

March’s CPI decline was the first since May of 2020, when it fell for a third consecutive month.

The Consumer Price Index (CPI) rose nearly three times faster under Pres. Joe Biden than under the first Trump Administration. From January 2021 to January 2025, consumer prices increased 21.5%. In contrast, from January 2017 to January 2021, the CPI rose 7.8%.

On a monthly basis, inflation averaged 1.9% under Trump (Feb. 2017-Jan. 2021) and 5.0% under Biden (Feb. 2021-Jan. 2025).

Compared to March of last year, the CPI increased 2.4% before seasonal adjustment – an easing from February’s 2.8 percent 12-month increase (Feb. 2024 to Feb. 2025).

A 2.4 percent monthly decrease in the overall cost of energy was fueled by a 6.3 percent drop in the cost of gasoline. Compared to year-ago, the price of energy is down 3.3 percent. However, the cost of food rose 0.4 percent from February and 3.0 percent from 12 months earlier.

The so-called “core” CPI, which excludes the volatile food and energy components, rose 0.1 percent, half February’s 0.2 percent month-to-month rate of increase. Airline fares, motor vehicle insurance, used cars and trucks, and recreation were among the major price indexes that decreased in March.

Core CPI rose 2.8 percent over the last 12 months, the smallest 12-month increase since March 2021.