The U.S. Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in April on a seasonally adjusted basis, following a 0.1 percent increase in March. Over the last 12 months, the index increased by 4.9 percent before seasonal adjustment.
According to the report, the largest contributor to the monthly all items increase was the index for shelter, followed by used cars and trucks, and gasoline. The rise in the gasoline index more than offset declines in other energy components, causing the energy index to climb by 0.6 percent in April. The food index remained unchanged.
Notably, the index for all items less food and energy also rose 0.4 percent in April. Indices that experienced increases include shelter, used cars and trucks, motor vehicle insurance, recreation, household furnishings and operations, and personal care.
Over the last 12 months, the all items index increased by 4.9 percent, representing the smallest 12-month increase since the period ending in April 2021. The all items less food and energy index rose 5.5 percent, while the energy index decreased 5.1 percent. In contrast, the food index saw a notable increase of 7.7 percent over the past year.
The energy index rose 0.6 percent in April after a 3.5 percent decrease in March. Despite the monthly rise, the energy index has fallen 5.1 percent over the past 12 months.
The food index remained unchanged in April, with the food at home index falling 0.2 percent over the month. Over the last 12 months, the food at home index rose 7.1 percent. The food away from home index rose 0.4 percent in April and 8.6 percent over the last year.
The index for all items less food and energy increased 0.4 percent in April, with the shelter index accounting for a significant part of the monthly increase. The index for used cars and trucks saw an increase of 4.4 percent, while the index for motor vehicle insurance increased 1.4 percent.
The report also showed the medical care index remained unchanged in April. Over the past 12 months, the index for all items less food and energy rose 5.5 percent. The shelter index increased 8.1 percent over the last year, accounting for over 60 percent of the total increase in all items less food and energy.
The BLS is scheduled to release the Consumer Price Index for May 2023 on Tuesday, June 13, 2023.