BREAKING NEWS: Inflation Rose More Than Expected in March

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Inflation Rose More Than Expected in March

Inflation has crept up again for the second consecutive month, signaling that cost-of-living pressures that have been afflicting employees for nearly two years are persisting.

The Consumer Price Index for all items rose 3.5 percent for the 12 months ending in March, before seasonal adjustment, the U.S. Bureau of Labor Statistics (BLS) reported today. That's a hotter reading than expected and up from the unadjusted 3.2 percent annual gain seen in February.

Meanwhile, real average hourly earnings rose 0.6 percent, seasonally adjusted, from March 2023 to March 2024, the BLS reported separately, down from the 1.1 percent rise reported in February.

Employer Takeaway: Andy Biladeau, chief transformation officer at SHRM, said the numbers reflect continued choppiness with inflation, which is leading many organizations to expand their parameters for scenario planning exercises. Specifically, he said, workforce planning forecasts are being modeled for larger variations in labor expenses and cost of goods sold to account for the widened range of possible outcomes.

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