U.S. consumer inflation continued to moderate in April. The Consumer Price Index (CPI) rose 0.4% in April, after increasing only 0.1% in March, according to the U.S. Bureau of Labor Statistics. The all-items index increased 4.9% for the 12 months ending April, the lowest 12-month increase since the period ending April 2021 and down significantly from the peak of 9.1% in June 2022.
The index for shelter once again saw the largest increase at 0.4%, but this was less than the 0.6% increase in March. Gasoline was up 3% in April compared to March, but is down 12% over the last year. Grocery prices dropped 0.2% after a drop of 0.3% in March. Prices of new vehicles and household energy also decreased. Click here for the press release.