March 2026

Released April 10, 2026


+3.26 percent
Consumer Price Index inflation
Mar 2025 to Mar 2026
+0.87 percent
Consumer Price Index inflation
Feb 2026 to Mar 2026
-0.91 percent
Change in real average weekly earnings
Feb 2026 to Mar 2026


Consumer Price Index



From February 2026 to March 2026:

  • Headline CPI-U inflation was 0.87 percent.
    • Food price inflation was -0.01 percent.
    • Energy price inflation was 10.87 percent.
  • Core CPI-U inflation was 0.20 percent.


From March 2025 to March 2026:

  • Headline CPI-U inflation was 3.26 percent.
    • Food price inflation was 2.68 percent.
    • Energy price inflation was 12.53 percent.
  • Core CPI-U inflation was 2.60 percent.


Note: Core CPI-U excludes food and energy.





Table 1. Consumer Price Index inflation

Mar 2026 Feb 2026 Chg. from Feb 2026 Mar 2025 Chg. from Mar 2025
Month-over-month inflation
Consumer Price Index 0.87% 0.27% 0.60pp 0.03% 0.84pp
Core Consumer Price Index 0.20% 0.22% -0.02pp 0.07% 0.13pp
Food Consumer Price Index -0.01% 0.39% -0.40pp 0.38% -0.39pp
Energy Consumer Price Index 10.87% 0.63% 10.24pp -1.13% 12.00pp
Year-over-year inflation
Consumer Price Index 3.26% 2.41% 0.85pp 2.39% 0.87pp
Core Consumer Price Index 2.60% 2.46% 0.14pp 2.79% -0.19pp
Food Consumer Price Index 2.68% 3.06% -0.38pp 2.96% -0.28pp
Energy Consumer Price Index 12.53% 0.48% 12.05pp -3.25% 15.78pp


Table 2. Cleveland Federal Reserve forecast

Cleveland Fed forecast Actual Forecast error
Month-over-month inflation
Consumer Price Index 0.84% 0.87% -0.02pp
Core Consumer Price Index 0.20% 0.20% 0.01pp
Year-over-year inflation
Consumer Price Index 3.25% 3.26% 0.00pp
Core Consumer Price Index 2.60% 2.60% 0.00pp


Real earnings


From February 2026 to March 2026:

For all employees on private nonfarm payrolls:

For production and nonsupervisory employees on private nonfarm payrolls:

Note: “Real” measures are those adjusted for inflation.

Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.


Table 3. Change in real earnings

Mar 2026 Feb 2026 Chg. from Feb 2026 Mar 2025 Chg. from Mar 2025
Month-over-month change
All employees
Real weekly earnings -0.91% 0.11% -1.02pp 0.44% -1.35pp
Real hourly earnings -0.61% 0.09% -0.70pp 0.44% -1.05pp
Production and non-supervisory
Real weekly earnings -0.91% -0.01% -0.90pp 0.69% -1.60pp
Real hourly earnings -0.90% 0.00% -0.90pp 0.41% -1.31pp
Year-over-year change
All employees
Real weekly earnings 0.23% 1.59% -1.36pp 1.19% -0.96pp
Real hourly earnings 0.27% 1.33% -1.06pp 1.80% -1.53pp
Production and non-supervisory
Real weekly earnings 0.37% 1.99% -1.62pp 1.62% -1.25pp
Real hourly earnings 0.10% 1.42% -1.32pp 1.96% -1.86pp


Upcoming releases


Date Time Release Data source
Apr 13 10:00 AM Monthly Fiscal Update, March 2026 U.S. Treasury
Apr 22 10:00 AM State Employment and Unemployment, February 2026 Bureau of Labor Statistics
Apr 30 08:30 AM Monthly Expenditures Update, March 2026 Bureau of Economic Analysis
Apr 30 08:30 AM Monthly GDP Update, Q1 2026 Advance Estimate Bureau of Economic Analysis
May 05 08:30 AM Monthly Trade Update, March 2026 Bureau of Economic Analysis
May 06 10:00 AM State Employment and Unemployment, March 2026 Bureau of Labor Statistics
May 07 10:00 AM Monthly Debt Update, May 2026 U.S. Treasury
May 08 08:30 AM Monthly Employment Update, April 2026 Bureau of Labor Statistics


Notes


Source: Bureau of Labor Statistics; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.