The Consumer Price Index increased in April by 0.2% after falling by 0.1% in March, according to the U.S. Bureau of Labor Statistics. Over the last 12 months ending April 30, the all-items index increased 2.3%, the smallest 12-month increase since February 2021.  

The index for shelter went up by 0.3%, accounting for more than half of the index increase. Energy increased by 0.7%, as natural gas and electricity more than offset a decline in gasoline prices. The index for food decreased 0.1% due to a 0.4% decrease in the food at home index, the largest decline since September 2020. 

The stock market had a strong showing yesterday, which appeared to be primarily due to news of a reprieve in the trade war with China and temporary reduction in tariffs. Click here for the press release.