Consumer prices fell 0.1% in March compared to the previous month, compared to a 0.2% gain recorded in February, according to Bureau of Labor Statistics data released Thursday.

The numbers mark the first time that prices have fallen on a monthly basis since May 2020, according to CNN. 

The bureau's all-items index rose 2.4% for the 12 months ending March, after rising 2.8% over the 12 months ending February, the bureau also reports. 

Experts projected the annual inflation rate for March would be 2.6%, according to CNBC.