Gas, groceries and clothing cheaper in March
NEW YORK (CNNMoney) — You’re paying less for gas, groceries and clothing than you were a month ago.
The price of a broad basket of consumer goods fell 0.2% in March, according to the Labor Department’s Consumer Price Index. Compared to a year earlier, prices are up only 1.5% — a benign level of inflation.
Falling gasoline prices were the biggest driver of the decline.
The price for a gallon of unleaded gas fell by about 15 cents in March, ending the month at a national average of $3.636, according to AAA. Gasoline prices are down about 4% compared to a year ago.
Meanwhile, food prices at the grocery store fell 0.1%. Prices on whole milk, potatoes, lettuce and pork chops all declined during the month. But food prices at restaurants and cafeterias rose slightly.
Stripping out energy and food shows prices on most other goods rose a bit during the month. Airline fares increased 0.6%, hospital services increased 0.4% and used car prices rose 1.2%.
Clothing prices were an exception, falling 1%.