March 2026 Market Recap
Get the latest insights from the Goldman Sachs Wealth Management Investment Strategy Group on the global market today.
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March 2026 CPI Update
April 10, 2026
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Headline CPI rose 0.87% month over month in March, in line with expectations and reflecting a 21% increase in energy goods prices as a result of higher oil prices from the Iran war. The year-over-year rate rose to 3.26%.
Core CPI (which excludes food and energy prices) increased 0.20% month over month, below expectations. And the year-over-year rate increased 2.60%.
Let’s take a closer look at Goldman Sachs Research’s breakdown of the latest data.
What’s up, what’s down?
On the softer side:
- Used car prices declined 0.4% month over month.
- Recreation services prices declined 0.4% (likely partially reflecting residual seasonality in the sporting events subcomponent, which declined 10% month over month).
- Prescription drugs prices declined 1.5%.
- Medical care services prices were flat (reflecting a 1.9% decline in home healthcare and a 1.4% decline in health insurance).
- Legal services declined 4%.
On the stronger side:
- Airfares rose 3%.
- Apparel prices rose 1% (possibly reflecting tariff passthrough).
- Owners’ equivalent rent (OER) accelerated to 0.28% (vs. 0.22% over the prior two months, reflecting payback from an unusually soft reading six months prior).
- Software prices rose 4% month over month (after rising 4.9% month over month on average over the previous three months).
Core services excluding rent and OER rose 0.18% (vs. 0.39% on average over the prior three months).
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this website were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. This article is not a product of Goldman Sachs Global Investment Research. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed. You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format without the express written consent of Goldman Sachs. This foregoing restriction includes, without limitation, using, extracting, downloading or retrieving this information, in whole or in part, to train or finetune a machine learning or artificial intelligence system.
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