Carson Group chief market strategist Ryan Detrick isn’t worried about the stock market after March's consumer price index (CPI) report came in hotter than expected.

"CPI freaked everybody out the other day, yes a big part of it is shelter," Detrick said in a Friday appearance on Benzinga's PreMarket Prep.

"We could talk all day about this; I'm not crazy about how the government looks at shelter, but the problem with CPI the other day is people said auto insurance is high… but the PPI came out yesterday and those weren't anything, they weren't worrisome at all,” he added.

See below.

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Detrick also echoed Blu Putnam's comments from Wednesday's episode of PreMarket Prep.

Putnam said the way the government calculates rent prices does not give us an accurate view of what people are paying for shelter. See below.

Detrick also pointed out that the fact that the Fed looks less likely to cut interest rates three times this year isn't inherently bad for stocks, given that the Fed wouldn't cut as much because the economy is doing well.

Detrick told the PMP audience that although the overall market may have been due for some consolidation after a very strong quarter, with the SPDR S&P 500 Index around 10% in Q1, strength earlier in the year usually correlates with strength throughout the year

"All in all, inflation to us still isn't a major warning," Detrick said. "Yes that first [cut] is pushed back, but honestly why are we seeing less [cuts] is because the economy is strong… and that's not a bad thing."

Watch the full interview with Detrick here. 

Image: Carson group/freepick