US Consumer Price Index Rises 2.3% Year-Over-Year in April

On Tuesday, the US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in April, after a 0.1% decline in March. Over the past 12 months, the all-items index has increased 2.3% before seasonal adjustment.

The shelter index rose 0.3% in April, accounting for more than half of the overall monthly increase in the all-items index. The energy index also rose, increasing 0.7% as gains in natural gas and electricity more than offset a decline in gasoline prices. In contrast, the food index fell 0.1% in April, with the food at home index down 0.4% and the food away from home index up 0.4%.

The index for all items excluding food and energy rose 0.2% in April, following a 0.1% increase in March. Increases were seen in household furnishings and operations, medical care, motor vehicle insurance, education, and personal care. Meanwhile, indexes for airline fares, used cars and trucks, communication, and apparel declined.

Over the 12 months ending in April, the all-items index rose 2.3%, down from a 2.4% increase over the prior 12-month period. April’s figure marked the smallest annual gain in the all-items index since February 2021. The index excluding food and energy rose 2.8% over the year. The energy index declined 3.7%, while the food index increased 2.8%.