The Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) rose 8.3 percent in April compared to last year, the highest level since 1981.

That level is marginally down from March’s rate of 8.5 percent and is largely driven by surging prices for fuel.

According to the CPI, which is a measure of the prices consumers are paying for finished goods, fuel oil rose at 80.5 percent year over year, gasoline was up 43.6 percent, used cars were up 22.7 percent, utility gas service was 22.7 percent, eggs up 22.6 percent, hotel rooms up 19.7 percent, and oranges were 18.6 percent up from a year ago.

Chicken rose 16.4 percent, about in line with milk, coffee, and butter.

The core price index, which is the CPI excluding often-volatile categories like food and energy, still increased 6.5 percent in March compared to a year earlier. That’s the sharpest increase in the CPI minus food and energy since August 1982.

Meanwhile, the Producer Price Index (PPI), which reflects what suppliers are charging businesses and other customers and is generally considered the core metric of input price changes, is up 11 percent in April compared to last year. That number outpaces the CPI by 2.7 percent.

 

 

 

Comments are closed.