The Labor Department released a report on Thursday unexpectedly showing a slight decrease by U.S. consumer prices in the month of March.
The report said the consumer price index edged down by 0.1 percent in March after rising by 0.2 percent in February.
The Labor Department also said the annual rate of consumer price growth slowed to 2.4 in March from 2.8 percent in February.
The unexpected modest monthly decrease by consumer prices partly reflected a steep drop by energy prices, which tumbled by 2.4 percent in March following a 0.2 percent increase in February.
The Labor Department said a 6.3 percent plunge by prices for gasoline more than offset higher prices for electricity and natural gas.
Excluding food and energy prices, the core consumer price index crept up by 0.1 in March after rising by 0.2 percent in February.
The annual rate of core consumer price growth also fell to 2.8 percent in March from 3.1 percent in February.
The monthly uptick by core consumer prices reflected higher prices for personal care, medical care, education, apparel, and new vehicles.
Meanwhile, lower prices for airline fares, motor vehicle insurance, used cars and trucks, and recreation helped limit the upside.