May 11, 2023

According to the U.S. Bureau of Labour Statistics (BLS), the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in April 2023, on a seasonally adjusted basis, following a 0.1% increase in March 2023. The all items index rose 4.9% before seasonal adjustment over the last year.

The main contributor to the monthly increase in all items was the index for shelter, followed by increases in the index for used cars and trucks and the gasoline index. The energy index gained 0.6% in April as a rise in the gasoline index more than offset declines in other energy component indexes. The food index remained unchanged in April relative to the prior month and the index for food at home decreased 0.2% while the index for food away from home increased by 0.4%.

Similar to March, the index for all items less food and energy increased by 0.4% in April. The indexes for shelter, used cars and trucks, motor vehicle insurance, recreation, household furnishings and operations, and personal care all saw increases in April. Among those that declined during April were the indexes for airline fares and new vehicles.

For the twelve months ending in April, the all items index rose by 4.9%; this was the weakest 12-month growth since the twelve months ended in April 2021. Over the last year, the all items less food and energy index increased by 5.5%. For the twelve months ending in April, the energy index fell by 5.1%, and the food index went up 7.7%.

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