Here’s the inflation breakdown for March 2023 — in one chart

Published

2 years ago

April 12, 2023

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Inflation continued to retreat in March as energy prices pulled back from a year ago, when they began to spike due to Russia’s invasion of Ukraine.

But swings in gasoline and other energy mask price pressures that, while easing, remain under the surface, economists said.

“It’s improving and the economy is cooling, but it’s still far from tepid,” Diane Swonk, chief economist at KPMG, said of inflation.

The consumer price index, a key gauge of inflation, rose by 5% in March relative to 12 months earlier, the U.S. Bureau of Labor Statistics said Wednesday.

The index measures price changes across a broad basket of consumer goods and services, like food, housing, electronics and recreation.

The latest annual reading declined from 6% in February. The reduction doesn’t mean prices fell; they’re still rising, just more slowly than a year ago.

A little bit of inflation is good — policymakers aim for about 2% a year, according to a different but related measure.

While still “painfully high,” inflation has eased significantly from its peak of more than 9% in June 2022, said Mark Zandi, chief economist of Moody’s Analytics. Inflation seems poised to fall back to policymakers’ target by this time next year, barring any unforeseen derailments, he said.

“Inflation is fundamentally moderating,” Zandi said. “And all the trend lines look good.

“I can say that with increasing confidence.”

What drove inflation in March 2023

Housing was a “notable” inflation driver in March and over the past year, according to the BLS.

The shelter index increased 8.2% in the last year, accounting for over 60% of the total increase in consumer prices after stripping out the volatile energy and food categories. Other notable annual increases include motor vehicle insurance (15%), household furnishings and operations (5.6%), recreation (4.8%) and new vehicles (6.1%), the bureau said.

“There are a lot of categories that continue to see outsized increases month after month,” said Greg McBride, chief financial analyst at Bankrate. “And [some of] those are categories that are staples in the household budget.”

“We’ve got to see improvement in terms of moderating price pressures across a broad range of categories,” he added.

The overall energy index is down 6.4% in the past year.

Average U.S. gasoline prices topped out over $5 a gallon in June 2022, following a surge in oil prices after Russia invaded Ukraine in February 2022. The price increase for both regular motor gasoline and diesel fuel from February to March 2022 was the largest monthly gain on record, according to the U.S. Department of Transportation.

It’s improving and the economy is cooling, but it’s still far from tepid.

Diane Swonk

chief economist at KPMG

To compare, average pump prices were about $3.54 a gallon this March, according to the U.S. Energy Information Administration. They’ve risen in recent weeks after a bloc of major oil-producing nations announced output cuts.

Housing accounts for the largest share of average household expenses. Elevated inflation in housing has therefore served to prop up CPI readings.

There’s been a “huge” moderation in newly signed rent agreements, said Paul Ashworth, chief North America economist at Capital Economics. But price changes generally take nine months to a year to flow into CPI reports, due to how economists calculate price changes in the housing category, he said.

“The big uncertainty is: We know housing costs should start to moderate … soon [in the CPI], but none of us know exactly when,” Ashworth said.

The food at home index (i.e., grocery prices) fell 0.3% in March, its first monthly decline since September 2020. That’s due to a combination of things like lower prices for diesel, a key component in transporting food to stores, and easing supply-chain issues, Zandi said.

“It signals the food inflation fever has been broken,” Zandi said.

Why inflation popped up and remains high

Consumer prices began rising rapidly in early 2021 as the U.S. economy started to reopen after the pandemic-related shutdown. Americans unleashed a flurry of pent-up demand for dining out, entertainment and vacations, aided by savings amassed from government relief.

Meanwhile, the rapid economic restart snarled global supply chains, a dynamic exacerbated by Russia’s invasion of Ukraine. In other words, supply couldn’t keep up with consumers’ willingness to spend.

Inflation was initially siloed in categories of physical goods like used cars and trucks. But the dynamic has morphed.

“The supply shortage was very much a 2021, 2022 story,” Ashworth said.

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Now, inflation is more a story of “services,” which includes categories like haircuts, auto insurance, airline fares, medical care and rent, economists said.

That’s largely due to conditions in the job market, characterized by historic demand for workers, low unemployment and strong wage growth, economists said. Higher labor costs pressure businesses to raise their prices, especially in labor-intensive service industries, economists said. While the labor market remains hot, it has been gradually cooling.

The U.S. Federal Reserve has been raising interest rates aggressively to tame inflation. This mechanism aims to increase borrowing costs for consumers and businesses, who pare back spending, thereby cooling the economy and labor market and, ultimately, inflation.

Recent turmoil in the banking sector is expected to reduce banks’ willingness to make loans — and those tighter credit conditions are expected to further cool the economy and help tame inflation.

That credit tightening will likely help cool inflation in the second half of the year, Swonk said.

“It’s a slow squeeze,” she said.

Environment

EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member’s Festival

Published

16 hours ago

April 4, 2025

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member's Festival

Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.

EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:

Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.

To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.

EcoFlow and its members look to provide “Power for All”

Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.

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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:

In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.

In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.

To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.

Save big and give back during the 2025 Member’s Festival

As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.

As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.

Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!

Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow websi t e. To register as a member in Canada, visit here.

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Tesla loses another top talent: its long-time head of software

Published

16 hours ago

April 4, 2025

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Tesla loses another top talent: its long-time head of software

Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.

Tesla changed how the entire auto industry looks at software.

Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.

When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.

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Tesla also integrated its software into its retail experience, service, and manufacturing.

David Lau deserves a lot of the credit for that.

He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.

Lau listed the responsibilities of his team on his LinkedIn:

Vehicle Software:
- Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
- UI software and underlying Embedded Linux platforms
- Navigation and routing
- iOS and Android Mobile apps
Distributed Systems:
- Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
- Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
- Diagnostic tools and fleet management, Manufacturing and Automation:
Automation controls (PLC, robot)
- Server-side manufacturing execution systems that power all of Tesla’s production operations
Product Security and Red Team for software, services, and systems across Tesla

Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.

Electrek’s Take

Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.

He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.

I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.

There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.

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Kia’s EV3 is the best-selling retail EV in the UK right now

Published

18 hours ago

April 4, 2025

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Kia's EV3 is the best-selling retail EV in the UK right now

Kia’s electric SUVs are taking over. The EV3 is the best-selling retail EV in the UK this year, giving Kia its strongest sales start since it arrived 34 years ago. And it’s not just in the UK. Kia just had its best first quarter globally since it started selling cars in 1962.

Kia EV3 is the best-selling EV in the UK through March

In March, Kia sold a record nearly 20,000 vehicles in the UK, making it the fourth best-selling brand. It was also the second top-seller of electrified vehicles (EVs, PHEVs, and HEVs), accounting for over 55% of sales.

The EV3 remained the best-selling retail EV in the UK last month. Including the EV6, three-row EV9, and Niro EV, electric vehicles represented 21% of Kia’s UK sales in March.

Kia said the EV3 “started with a bang” in January, darting out as the UK’s most popular EV in retail sales. Through March, Kia’s electric SUV has held on to the crown. With the EV3 rolling out, Kia sold over 7,000 electric cars through March, nearly 50% more than in Q1 2024.

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The EV3 was the best-selling retail EV in the UK in the first quarter and the fourth best-selling EV overall, including commercial vehicles.

Starting at £33,005 ($42,500), Kia said it’s the “brand’s most affordable EV yet.” It’s available with two battery packs, 58.3 kWh or 81.48 kWh, good for 430 km (270 miles) and 599 km (375 miles) of WLTP range, respectively.

With new EVs on the way, this could be just the start. Kia is launching several new EVs in the UK this year, including the EV4 sedan (and hatchback) and EV5 SUV. It also confirmed that the first PV5 electric vans will be delivered to customers by the end of the year.

Electrek’s Take

Globally, Kia sold a record 772,351 vehicles in the first quarter, its best since it started selling cars in 1962. With the new EV4, the brand’s first electric sedan and hatchback, launching this year, Kia looks to build on its momentum in 2025.

Kia has also made it very clear that it wants to be a global leader in the electric van market with its new Platform Beyond Vehicle (PBV) business, starting with the PV5 later this year.

Earlier today, we learned Kia’s midsize electric SUV, the EV5, is the fourth best-selling EV in Australia through March, outselling every BYD vehicle (at least for now). The EV5 is rolling out to new markets this year, including Canada, the UK, South Korea, and Mexico. However, it will not arrive in the US.

For those in the US, there are still a few Kia EVs to look forward to. Kia is launching the EV4 globally, including in the US, later this year. Although no date has been set, Kia confirmed the EV3 is also coming. It’s expected to arrive in mid-2026.

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