U.S. consumer prices rose 0.3 percent in April 2024, the Bureau of Labor Statistics (BLS) has said in a report. This marks a slight deceleration from the 0.4 percent rise in the Consumer Price Index for all items seen in March. Over the past 12 months, the all items index surged by 3.4 percent before seasonal adjustment.
The index for shelter experienced a notable surge in April, alongside a rise in gasoline prices, with these two categories collectively contributing to over seventy percent of the overall monthly increase in the index for all items.
The energy index, which rose by 1.1 percent, also played a significant role in the uptick. However, the food index remained unchanged in April, with a mixed trend observed in food prices both at home and away from home.
The index for all items less food and energy, often considered a core inflation measure, rose by 0.3 percent in April, marking a slight deceleration compared to the previous three months. Several categories, including shelter, motor vehicle insurance, medical care, apparel, and personal care, experienced increases, while indexes for used cars and trucks, household furnishings and operations, and new vehicles saw declines.
Over the 12 months ending in April, the all items index increased by 3.4 percent, slightly lower than the 3.5 percent rise seen in the 12 months ending in March. The core index, excluding food and energy, rose by 3.6 percent over the same period. Energy prices increased by 2.6 percent year-over-year, while food prices saw a 2.2 percent uptick.
In April, the food index remained unchanged, with varying trends observed in different food categories. While the index for cereals and bakery products increased, indexes for meats, poultry, fish, and eggs, as well as fruits and vegetables, experienced declines. On the other hand, food away from home saw a modest rise, mirroring the trend observed in March.
The energy index rose by 1.1 percent in April, driven primarily by a surge in gasoline prices. However, natural gas prices witnessed a decline during the same period. Over the past 12 months, energy prices increased by 2.6 percent, with notable increases in gasoline and electricity indexes.
Expenses excluding food and energy contributed to the overall inflationary pressure, with the shelter index registering a significant uptick in April.
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Increases were also observed in categories such as motor vehicle insurance, apparel, and medical care. However, declines were noted in indexes for used cars and trucks, household furnishings, and new vehicles.
The Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.4 percent prior to seasonal adjustment, reflecting a 3.4 percent increase over the past 12 months. Similar trends were observed in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which also increased by 3.4 percent over the same period. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) rose by 3.2 percent over the past 12 months, with a 0.4 percent increase reported for the month on a not seasonally adjusted basis.
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