SANTA MONICA, Calif. — On Wednesday, the U.S. Bureau of Labor Statistics released new numbers. In March, the Consumer Price Index rose by 0.4%.

The data revealed that since this time last year, CPI rose by 3.5%. The latest data means inflation has remained higher than many economists expected.

“Today’s report shows inflation has fallen more than 60% from its peak, but we have more to do to lower costs for hardworking families,” said President Joe Biden, responding to the numbers on Wednesday. “Prices are still too high for housing and groceries, even as prices for key household items like milk and eggs are lower than a year ago. I have a plan to lower costs for housing — by building and renovating more than 2 million homes — and I’m calling on corporations, including grocery retailers, to use record profits to reduce prices.”