Consumer Prices Rose 3.4% in April YOY

Consumer Prices Rose 3.4% in April YOY

May 15, 2024, from Floor Focus FloorDaily News

Washington, DC, May 15, 2024 – The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in April on a seasonally adjusted basis, after rising 0.4% in March, the U.S. Bureau of Labor Statistics reported.

Over the last 12 months, the all items index increased 3.4% before seasonal adjustment.

The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes

contributed over seventy percent of the monthly increase in the index for all items. The energy index rose 1.1% over the month.

The food index was unchanged in April. The food at home index declined 0.2%, while the food away from home index rose 0.3% over the month.

“U.S. inflation eased in April, with a key measure of price pressures slowing to its lowest level since spring 2021,” according to the Wall Street Journal.

“The consumer-price index, a gauge for goods and service costs across the U.S. economy, rose 3.4% in April from a year ago, the Labor Department said Wednesday. So-called core prices that exclude volatile food and energy items climbed 3.6% annually, the lowest increase since April 2021.

“Both of those year-over-year results were in line with the expectations of economists polled by The Wall Street Journal.

“Investors saw positive signs in the report that the Federal Reserve’s inflation fight is gradually slowing down the U.S. economy. The yields on 10-year Treasurys, which fall as prices rise, ticked lower. Stock futures advanced, continuing their march higher in May.”