The Consumer Price Index (CPI) increased 0.3 percent in April after rising 0.4 percent in March. Over the last 12 months, the all-items index increased by 3.4 percent before seasonal adjustment. The federal reserve’s targeted annual inflation rate is two percent.
The indexes for shelter and gasoline rose in April, contributing to over 70 percent of the monthly increase in the all-items index. The energy index rose 1.1 percent, the food index remained unchanged, the food at home index declined 0.2 percent, and the food away from home index rose 0.3 percent over the month. The food index increased 2.2 percent over the last year.
The index for meats, poultry, fish, and eggs rose 1.0 percent over the last 12 months. The chicken index decreased by 0.8 percent from the prior month. Eggs decreased by 3.9 percent from the prior month and decreased by 9 percent on the year.
The link to the full May 2024 report can be found here.
