By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, May 10, 2023
Times Square, Manhattan, New York City- Photo credit : Swann Collins
The U.S. Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in April on a seasonally adjusted basis, after increasing 0.1 percent in March, the U.S. Bureau of Labor Statistics reported today.
Over the last 12 months, the U.S. inflation increased 4.9 percent before seasonal adjustment, but consumer prices remain historically high.
The inflation has eased from a peak of 9.1% in June 2022.
For American workers and their families, the April’s inflation report was mixed. Gasoline prices jumped 3% just in April. By contrast, grocery prices dropped for a second straight month. Used car prices surged 4.4% after nine months of declines. Rental costs rose but at a slower pace.
The U.S. Bureau of Labor Statistics reported that the index for shelter was the largest contributor to the monthly all items increase, followed by increases in the index for used cars and trucks and the index for gasoline. The increase in the gasoline index more than offset declines in other energy component indexes, and the energy index rose 0.6 percent in April.
The food index was unchanged in April, as it was in March. The index for food at home fell 0.2 percent over the month while the index for food away from home rose 0.4 percent.
The index for all items less food and energy rose 0.4 percent in April, as it did in March. Indexes which
increased in April include shelter, used cars and trucks, motor vehicle insurance, recreation, household
furnishings and operations, and personal care. The index for airline fares and the index for new vehicles
were among those that decreased over the month.
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The all items index increased 4.9 percent for the 12 months ending April; this was the smallest 12-month
increase since the period ending April 2021. The all items less food and energy index rose 5.5 percent over the last 12 months. The energy index decreased 5.1 percent for the 12 months ending April, and the food index increased 7.7 percent over the last year.
Fed officials raised their benchmark federal-funds rate last week to a range between 5% and 5.25%, the highest level in 16 years, to slow down the economy and combat inflation.
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© Copyright 2023– Swann Collins, investor, writer and consultant in international affairs.
Eurasia Business News 