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BLS: CPI increased 0.3% in April; Core CPI increased 0.6%

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by Calculated Risk on 5/11/2022 08:33:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a
seasonally adjusted basis after rising 1.2 percent in March, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the >all items index increased 8.3 percent before
seasonal adjustment.

Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest
contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent over
the month as the food at home index rose 1.0 percent. The energy index declined in April after
rising in recent months. The index for gasoline fell 6.1 percent over the month, offsetting
increases in the indexes for natural gas and electricity.

The index for all items less food and energy rose 0.6 percent in April following a 0.3-percent
advance in March. Along with indexes for shelter, airline fares, and new vehicles, the indexes
for medical care, recreation, and household furnishings and operations all increased in April.
The indexes for apparel, communication, and used cars and trucks all declined over the month.

The all items index increased 8.3 percent for the 12 months ending April, a smaller increase
than the 8.5-percent figure for the period ending in March. The all items less food and energy
index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last
year, and the food index increased 9.4 percent, the largest 12-month increase since the period
ending April 1981.

emphasis added

The consensus was for 0.2% increase in CPI (up 8.1% YoY), and a 0.4% increase in core CPI (up 6.1% YoY). Both were above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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