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April 12 (UPI) -- The consumer price index rose less than expected last month, as inflation cooled after a series of interest rate hikes by the Federal Reserve. The Bureau of Labor Statistics said Wednesday that the CPI rose 0.1% for March and 5% from a year ago. The yearly increase was less than the 5.1% analysts expected.
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While food prices were unchanged in March, energy prices fell by 3.5%. Egg prices notably fell 10.9% last month, after previous increases. The biggest increase was for shelter, which rose 0.6%. Shelter makes up one-third of the weighting in the CPI.
The White House on Wednesday applauded the news and said that it would continue working to bring down inflation.
"While inflation is still too high, this progress means more breathing room for hard-working Americans -- with wages now higher than they were 9 months ago, after accounting for inflation," President Joe Biden said in a statement.
Other food prices that fell during March were meats, poultry and fish. Fruits and vegetables also declined 1.3%. Still, the food at home index is up 8.4% over the last 12 months, with fruits and vegetables being up 2.5%.
The medical care index fell 0.3% in March, continuing a decline after a 0.5% drop in February.
The decline in inflation came after the Federal Reserve in March raised interest rates by a quarter percentage point, increasing the current target range from 4.75% to 5%.
The increase marked the 10th straight interest rate hike by the central bank as it said it was undeterred by the failings of Silicon Valley Bank and Signature Bank.
