The Bureau of Labor Statistics released its monthly Consumer Price Index Summary on May 13, showing that its all-items index increased 2.3% for the 12 months ending April — the smallest 12-month gain since February 2021.
On a monthly basis, April’s all-items index increased 0.2%, following a 0.1% decline in March and a 0.2% gain in February.
Economists polled by Reuters had forecasted the CPI would rise to 0.3% month-over-month.
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The monthly index for energy increased 0.7% in April vs March, while a decline in the gasoline index was more than offset by increases in the natural gas index and the electricity index. In contrast, the index for food declined by 0.1%, while the index for food at home decreased by 0.4% and the index for food away from home increased 0.4%.
The monthly index for all-items less food and energy — known as core inflation — rose 0.2% in April, following a 0.1% increase in March. Indexes that increase in March include household furnishings and operations, medical care, motor vehicle insurance, education and personal care. Meanwhile, the indexes that decrease in April include airline fares, used cars and trucks, communication and apparel.
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On a year-over-year basis, April’s core inflation rose 2.8%, unchanged vs March. The year-over-year energy index decreased 3.7%, while the food index increased 2.8%.
U.S. Core Inflation Rate Month-Over-Month
source: tradingeconomics.com
U.S. Core Inflation Rate Year-Over-Year
source: tradingeconomics.com
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