March CPI as-expected +0.4%, core +0.1%.....>

US DATA: March CPI as-expected +0.4%, core below-expected +0.1%

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- Core CPI +0.148% unrounded, so close to being rounded to expected +0.2% 

- Softer core was due in part to apparel -1.9%, largest drop since 1949

- Owners' equivalent rents category +0.3%, while medical care +0.3% 

after Feb dip. New vehicle prices +0.4%, but used vehicles -0.4%.

- Energy prices +3.5% (largest gain since Sept 2017) after +0.4% in Feb. 

Gas +6.5% (largest since Sept 2017). Ex only energy, CPI +0.2%. 

- Food prices +0.3% on gains in everything except meat. 

- The y/y rate for headline CPI rebounded to +1.9% vs +1.5% in Feb, 

while the y/y rate for core CPI ticked down to +2.0% from +2.1%.

- Overall, the data suggests that underlying consumer inflation remains 

relatively stable, with noise from energy prices clouding the picture.