The 1.2% MoM rise is the biggest since Sept 2005 and CPI has risen for 22 straight months, but we note that goods inflation actually fell on a MoM basis (while energy soared)...

Source: Bloomberg

However, Core CPI (ex food and energy) rose just 0.3% MoM (below the +0.5% expected) and was up 6.5% YoY (above Feb's 6.4% but below the +6.6% exp).