(The Center Square) – Newly released pricing data showed inflation slowed last month, the first time inflation decreased in monthly data since 2020 during the COVID-19 pandemic.

The U.S. Bureau of Labor Statistics released it Consumer Price Index, which decreased 0.1% in March. Overall the index has risen 2.4% in the last 12 months, lower than the predicted 2.5%.

“Inflation much better than expected in March CPI. Overall price level fell as gasoline prices down. Core inflation also very muted,” Harvard economist and former economic advisor to President Barack Obama, Jason Furman, wrote on X.

“Core goods prices fell in March, driven by large declines in prices for used cars and prescription drugs with muted increases elsewhere,” he added. “Services also muted as shelter increases moderated and airfares and car insurance fell.”

The latest decrease was driven by a decline in gasoline prices.

“The index for energy fell 2.4 percent in March, as a 6.3-percent decline in the index for gasoline more than offset increases in the indexes for electricity and natural gas,” BLS said. “The food index, in contrast, rose 0.4 percent in March as the food at home index increased 0.5 percent and the food away from home index rose 0.4 percent over the month.”

The index rose 0.2% in February.

“Well, that didn't take long," Heritage Foundation economist E.J. Antoni wrote on X. "It's only the 2nd CPI print of the Trump admin and inflation has not only slowed but turned negative M/M, meaning prices fell from Feb to Mar; GREAT news for consumers!”