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05/15/2024 |

April’s CPI Report: Inflation Trends & Key Insights

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April CPI Increase and Key Contributors

In April, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3% seasonally adjusted, following a 0.4% increase in March. Over the last 12 months, the all-items index increased by 3.4% before seasonal adjustment. The shelter and gasoline indexes were major contributors, accounting for over 70% of the monthly increase. While the energy index rose by 1.1%, the food index remained unchanged, with a slight decline in food at home offset by an increase in food away from home.

Specific Index Movements

The index for all items less food and energy saw a 0.3% rise in April, continuing a trend of modest monthly increases. Notable increases were observed in shelter, motor vehicle insurance, medical care, apparel, and personal care. Conversely, indexes for used cars and trucks, household furnishings, and new vehicles experienced declines. Over the past year, the all-items less food and energy index rose 3.6%, driven largely by a 5.5% increase in the shelter index.

Energy and Food Index Trends

The energy index rose 1.1% in April, with gasoline prices increasing by 2.8% and fuel oil by 0.9%, while natural gas and electricity prices saw slight decreases. Over the last 12 months, the energy index increased by 2.6%. The food index remained unchanged in April, with mixed results among its components: a decrease in meats, poultry, fish, and eggs, and a slight increase in cereals and bakery products. Over the year, the food away from home index rose 4.1%, indicating a trend of rising costs in dining out.