The latest Consumer Price Index (CPI) report for March was higher than expected, with a reading of 3.8% versus the expected 3.7%. This continued inflationary pressure is taking a toll on consumers, as the cost of everyday goods remains elevated.

The data shows that shelter and gas costs were the primary contributors, accounting for over half of the gains in the overall CPI figure.

Yahoo Finance's Dani Romero and Molly Moorhead break down the details.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

Video Transcript

BRAD SMITH: Well, Americans plagued by surging prices over the past 20 months continue to face strain as the cost of meeting everyday necessities remains stubbornly high.

The Labor Department's most recent CPI report showing that the price of everyday goods rose 4/10 of a percent in March with rising shelter and gas costs driving over half of the headline CPI increase last month.

So what types of impact do these prices have on your everyday finances? "Yahoo Finance" reporters Dani Romero and Molly Moorhead have more. Dani, let's start with you. Talk to us about some of those high shelter costs you're tracking.

DANI ROMERO: Brad, housing costs remain sticky. Shelter inflation came in at 5.7% annually in March. And that's lower than last year in March, where shelter inflation peaked at 8.2% annually.

And economists aren't expecting rental inflation to ease quickly any time soon. So take a listen to PIMCO economist Tiffany Wilding.

TIFFANY WILDING: The fact that you have just a broader shortage of housing within the housing market, as a result of years of underbuilding since the great financial crisis, suggests to us as well that you will probably settle in at rental inflation levels that were above those of the pre-pandemic period.

Rents look like they're going to continue. Rental inflation is going to be sticky.

DANI ROMERO: You can hear it right there that housing costs will continue to remain sticky. But what is currently going on in the rental market? Well, rent prices are increasing month-over-month but are down annually.

The median rent price right now sits around $1,300. And some regions are experiencing higher rents due to low inventory. And rents increased in 81 out of 100 cities in the US apartment list reported.

But it's a different story in the Sunbelt area like, Austin, Atlanta, and Nashville. They're dealing with price declines. Meanwhile, keeping your home in good shape is expensive. The price to repair household items stayed within range of 18% annually. And that includes things to fix your household appliances, pest control, and basic upkeep like gardening.

The cost of electricity also jumped 5% annually. And the rise in energy prices didn't help on that front. So, overall, consumers continue to feel the pinch, especially, when maintaining a good home.

BRAD SMITH: All right. Major components that factored into this CPI prints. Dani, thanks so much. Molly, I want to pivot to you. Talk to us about the uptick in energy costs.

MOLLY MOORHEAD: Yeah. It's specifically for drivers. It's tough out there also. Gas prices were up 1.7% in March. And that followed a nearly 4% increase in February. Now, in some ways, this is typical. Gas tends to get more expensive heading into the spring and summer travel season.

Right now, the average cost of a gallon of gas is about $3.62 nationally. But that is not all for drivers. Auto insurance, which we've talked about a lot, just continues to spiral. It was up 22% year-over-year from this March reading. And car repairs also more expensive, up over 8%.

Now, if there's any little bit of good news for drivers, it's that the actual cost of cars, finally, is slowing down a little bit. So the price growth for a new car and a used car, which was really high during the pandemic, that's starting to settle down.

BRAD SMITH: Dani Romero and Molly Moorhead, thanks so much for diving into the details of this data here with us this morning. Appreciate it.