May 15, 2024
The Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.3 percent in April on a seasonally adjusted basis, following a 0.4 percent increase in March, according to the U.S. Bureau of Labor Statistics. Over the past 12 months, the all items index surged by 3.4 percent before seasonal adjustment.
In April, the CPI-U saw a notable rise primarily due to increases in the shelter and gasoline indexes, which together accounted for over seventy percent of the overall monthly increase in the all items index. The energy index also experienced a 1.1 percent increase during the month. However, the food index remained unchanged in April, with a slight decline of 0.2 percent in the food at home index, offset by a 0.3 percent rise in the food away from home index.
In April, the index for all items excluding food and energy increased by 0.3 percent, following a consistent 0.4 percent rise in each of the three preceding months. Among the indexes that saw increases in April were shelter, motor vehicle insurance, medical care, apparel, and personal care. Conversely, indexes for used cars and trucks, household furnishings and operations, and new vehicles experienced decreases over the month.
For the 12 months ending in April, the all items index increased by 3.4 percent, showing a slight deceleration compared to the 3.5 percent increase recorded for the 12 months ending in March. However, the all items index excluding food and energy rose by 3.6 percent over the same period. The energy index experienced a 2.6 percent increase for the 12 months ending in April, while the food index saw a rise of 2.2 percent over the last year.
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