Consumer Price Index Declines in April

According to Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI-U) declined -0.8% in April, on a seasonally adjusted basis. This is the largest monthly decline since December 2008. Over the past 12 months, the all item index increased 0.3% before seasonal adjustments. A decline in the gasoline index of -20.6% was a leading factor in the decline. However, the indexes for apparel, motor vehicle insurance, air fares and lodging away from home all declined sharply as well. Food indexes, however, rose in April, posting the largest monthly increase in February 1974.