Consumer Price Index Increases 0.4% in April; All-Item Index Up 4.9% Year-Over-Year

The US Bureau of Labor Statistics on Wednesday (5-10-23) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in April on a seasonally adjusted basis, after increasing 0.1% in March and 0.4% in February. Over the past 12 months, the all-items index has increased 4.9% before seasonal adjustment.

According to the BLS, the index for shelter once again was the largest contributor to the monthly all items increase, followed by increases in the index for used cars and trucks and the index for gasoline. The increase for gasoline more than offset declines in other energy component indexes, and the energy index rose 0.6% in April. The food index was unchanged in April, as it was in March.

The index for all items less food and energy rose 0.4 in April—also the same as March. The following categories posted increases in April: shelter, used cars and trucks, motor vehicle insurance, recreation, household furnishing and operations, and personal care. The index for airline fares and the index for new vehicles were among those that decreased.

The index for all items less food and energy for the 12-month period ending in April rose 4.9%. This is the smallest 12-month increase since the period ending in April 2021. The all items less food and energy index rose 5.5% over the last 12 months. The energy index declined 5.1% year-over-year, and the food index rose 7.7%.