US inflation rate falls to 2.4% in March, lower than expected

According to a press release from the Bureau of Labor Statistics, inflation decreased by 0.1 percent in March after it rose by 0.2 percent in February this year, with the annual inflation rate falling to 2.4 percent.

White House press secretary Karoline Leavitt said of the inflation numbers, "Inflation is down, jobs are up, and the Golden Age of America is underway. President Trump continues to undo the damage done by Joe Biden, and core inflation declined for the second month in row – great news for American families and businesses. President Trump’s aggressive economic agenda is already dropping prices across the board, from prescription drugs to car insurance."

Prices for energy overall fell by 2.4 percent, as there has been a 6.3 percent decline in the price of gasoline over the course of March, offsetting price increases in other areas. Energy commodities overall fell by 6.1 percent and fuel oil fell by 4.2 percent. Medical care commodities also dropped by 1.1 percent in price over the course of March.

According to the Financial Times, core inflation also came down from February's rate of 3.1 percent to 2.8 percent on an annualized basis. Economists had forecasted an annual core inflation rate of 3 percent in March. As the numbers came out on Thursday, stock futures rose higher after Trump's 90-day pause on the incoming tariffs sparked a rally in the markets on Wednesday.