The US Bureau of Labor Statistics recently released the April CPI report, which showed a 0.3% increase in April after a 0.4% increase in March. Over the past year, the overall index increased by 3.4% before seasonal adjustment.
April CPI Report: An Overview
The April CPI report showed an increase in the index for shelter increased in April. There was also an increase in the index for gasoline and these two factors were the main contributors to the monthly increase in the overall index April CPI report. The energy index went up by 1.1% during the month. However, the food index did not change in April. While the food-at-home index decreased by 0.2%, the food-away-from-home index increased by 0.3%.
In CPI data for April 2024, the index for all items except food and energy increased up by 0.3%. This is after a 0.4% increase in each of the previous three months. Some indexes that saw increases in April are shelter, motor vehicle insurance, medical care, apparel, and personal care. However, indexes for used cars and trucks, household furnishings and operations, and new vehicles decreased during the month.
Over the last 12 months, all items indexed in the CPI data for April 2024 increased by 3.4%. This is slightly less than the 3.5% increase for the 12 months ending in March. The index for all items except food and energy rose by 3.6% over the same period. Additionally, the energy index also increased by 2.6% over the 12 months ending in April, while the food index went up by 2.2%.
Food and Energy Affected
In CPI data for April 2024, the food index did not change, with food at home decreasing by 0.2%. Meat, poultry, fish, and eggs saw a decrease of 0.7%, mainly due to the decline in egg prices. However, cereals and bakery products increased by 0.%. Food away from home went up by 0.3%, with limited service meals up by 0.4%. Over the past year, food at home increased by 1.1%, while food away from home rose by 4.1%.
In CPI data for April 2024, the energy index rose by 1.1%. Gasoline prices increased by 2.8%, while fuel oil increased by 0.9%. However, natural gas decreased by 2.9%, and electricity decreased by 0.1% during the month. Over the past year, the energy index increased by 2.6%, with gasoline rising by 1.2% and electricity by 5.1%.
In CPI data for April 2024, the index for all items less food and energy increased by 0.3%, with shelter being the primary contributor to this increase, up by 0.4%. Rent and owners’ equivalent rent both rose by 0.4%, while lodging away from home decreased by 0.2%. Motor vehicle insurance saw a significant rise of 1.8% percent, while apparel increased by 1.2%. Medical care rose by 0.4%, with hospital services up by 0.6%. However, the index for used cars and trucks fell by 1.4%. Over the past year, all items less food and energy rose by 3.6%, with notable increases in shelter, motor vehicle insurance, medical care, personal care, and recreation.
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