March is the ninth consecutive month that annual inflation has slipped. By a monthly measurement, CPI rose 0.1 percent from February to March, compared with an increase of 0.4 percent from January to February, according to the Bureau of Labor Statistics.
A drop in grocery and energy prices fueled the decline in inflation. Economists had projected an annual increase of 5.2 percent and a monthly gain of 0.2 percent.
The report comes as the Federal Reserve debates how to reduce inflation and project confidence in the banking sector.
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