The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (5-11-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in April, on a seasonally adjusted basis. This increase follows a 1.2% increase in March, a 0.8% increase in February, and a 0.5% increase in January.
The all-items index continued to accelerate, rising 8.3% for the 12 months ending April—a smaller increase than the 8.5% figure for the period ending in March. The all items less food and energy index rose 6.2% year-over-year in April. The energy index rose 30.3% over the last year, and the food index increased 9.4%, the largest 12-month increase since the period ending April 1981.
The food index increased 0.9% in April; this was the seventeenth consecutive monthly increase. The index for food at home rose 1.0% after rising 1.5% in March. Five of the six major grocery store food group indexes increased over the month. The index for dairy and related products rose 2.5%, its largest monthly increase since July 2007.
The energy index declined -2.7% in April after rising 11.0% in March. The gasoline index declined in April, falling -6.1% after increasing 18.3% in March. Before seasonal adjustment, gasoline prices fell -1.0% in April. The other major energy component indexes increased in April; the index for natural gas rose 3.1% and the index for electricity increased 0.7%. The energy index has increased 30.3% year-over-year in April.
All the major energy component indexes increased over the year. The gasoline index increased 43.6% and the fuel oil index rose 80.5%. The index for electricity rose 11.0%, and the index for natural gas increased 22.7% over the last 12 months.
The index for all items less food and energy rose 0.6% in April. The shelter index increased 0.5% in April, the same increase as in March. The rent index rose 0.6% and the owners’ equivalent rent index rose 0.5%. The index for lodging away from home continued to increase, rising 1.7% in April after advancing 3.3% in March.
The index for all items less food and energy rose 6.5% over the past 12 months, with virtually all of its major component indexes rising over the span. The shelter index rose 5.0% over the last 12 months, its largest 12-month increase since May 1991. The index for household furnishings and operations increased 10.1% over the past year, its largest 12-month increase since the period ending July 1975.
The index for all items less food and energy rose 6.2% over the past 12 months. Virtually all major components have increased over the timeframe. The shelter index rose 5.1% over the last year, and the medical care index increased 3.2%. Several transportation indexes show notable increases including used cars and trucks (+22.7%) and new vehicles (+13.2%). The index for airline fares rose 33.3% over the last year, the largest 12-month increase since the period ending December 1980.
A few major component indexes declined in April. The apparel index fell -0.8% over the month, ending a string of six consecutive increases. The index for communication fell -0.4% in April, its third consecutive monthly decline. The index for used cars and trucks also fell -0.4% over the month, its third straight decline after a long series of increases.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
CONSUMER PRICE INDEX – APRIL 2022