The 12-month core rate eased to 2.8% from 3.1%, marking the lowest level in four years.
Consumer prices fell in March for the first time since 2020, but the threat of higher U.S. inflation is likely to persist as long as the Trump White House keeps higher tariffs in place.
The CPI declined 0.1% last month, the Bureau of Labor Statistics said, mainly because of lower oil prices. The last time the index fell was during the coronavirus outbreak in early 2020.
The 12-month increase in consumer prices slowed to 2.4% from 2.8%.
The core CPI that strips out food and energy - seen as a better predictor of future inflation - rose 0.1% in March.
The 12-month core rate eased to 2.8% from 3.1%, marking the lowest level in four years.
The rate of inflation could increase in the months ahead, however, if higher U.S. tariffs on China and the rest of the world are kept in place, economists say.
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