Here's the inflation breakdown for March 2026 — in one chart

“We were cautiously optimistic on inflation heading into this year,” as price pressures like those from tariffs were unwinding, said Thomas Ryan, a North America economist at Capital Economics.

“Basically, we’re on hold now, just to see what happens with the energy price shock,” Ryan said. “If it’s long-lasting, we become more concerned about leakage” into other areas of consumers’ wallets, he said.