Annual inflation fell for the ninth consecutive month in March, dropping from 6.0% in February to 5.0% in March. It is now at its lowest level since May 2021. Shelter costs, a lagging indicator, continued to rise but were offset by deflation in energy prices (not shown) and some moderate disinflation in food prices. However, annual core CPI inflation (excl. food and energy) ticked up from 5.5% last month to 5.6% in March.