The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index Summary May 15, 2024:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a seasonally adjusted basis, after rising 0.4 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.4 percent 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 percent over the month. The food index was unchanged in April. The food at home index declined 0.2 percent, while the food away from home index rose 0.3 percent over the month.
The index for all items less food and energy rose 0.3 percent in April, after rising 0.4 percent in each of the 3 preceding months. Indexes which increased in April include shelter, motor vehicle insurance, medical care, apparel, and personal care. The indexes for used cars and trucks, household furnishings and operations, and new vehicles were among those that decreased over the month.
The all items index rose 3.4 percent for the 12 months ending April, a smaller increase than the 3.5-percent increase for the 12 months ending March. The all items less food and energy index rose 3.6 percent over the last 12 months. The energy index increased 2.6 percent for the 12 months ending April. The food index increased 2.2 percent over the last year.
Food
The food index was unchanged in April after increasing 0.1 percent in March. The index for food at home decreased 0.2 percent in April. Three of the six major grocery store food group indexes decreased over the month while the remaining three had price advances. The index for meats, poultry, fish, and eggs decreased 0.7 percent in April, led by a 7.3-percent decline in the index for eggs.
The fruits and vegetables index declined 0.8 percent over the month, and the nonalcoholic beverages index fell 0.2 percent.
The index for cereals and bakery products increased 0.6 percent in April, after decreasing 0.9 percent in March. The index for other food at home and the index for dairy and related products both increased 0.1 percent over the month.
The food away from home index rose 0.3 percent in April, as it did in March. The index for limited service meals rose 0.4 percent, and the index for full service meals increased 0.3 percent over the month.
The food at home index rose 1.1 percent over the last 12 months. The index for other food at home rose 1.4 percent over the 12 months ending in April, and the index for fruits and vegetables increased 1.7 percent over the year.
The nonalcoholic beverages index increased 2.3 percent over that period. The index for meats, poultry, fish, and eggs rose 1.0 percent over the 12 months ending in April, and the index for cereals and bakery products increased 0.6 percent over the same period. In comparison, the dairy and related products index fell 1.3 percent over the year.
The index for food away from home rose 4.1 percent over the last year. The index for limited service meals rose 4.8 percent over the last 12 months, and the index for full service meals rose 3.4 percent over the same period.
Energy
The energy index rose 1.1 percent in April, the same increase as in March. The gasoline index increased 2.8 percent in April. (Before seasonal adjustment, gasoline prices rose 5.2 percent in April.) The fuel oil index increased 0.9 percent in April. In contrast, the index for natural gas fell 2.9 percent in April, and the index for electricity decreased 0.1 percent over the month.
The energy index increased 2.6 percent over the past 12 months. The gasoline index rose 1.2 percent, and the electricity index increased 5.1 percent over this 12-month span. In contrast, the index for natural gas decreased 1.9 percent over the last 12 months and the index for fuel oil fell 0.8 percent over the same period.
