The Consumer Price Index (CPI) increased 0.3 percent in April and 3.3 percent for all items since the previous year. The Federal Reserve’s targeted annual inflation rate is two percent.
Since April, there have been a handful of changes in key areas in the U.S. economy. The total food index increased by 0.1 percent. Food away from home rose 0.4 percent, while food at home remained unchanged from the prior month. The energy index fell by two percent due to the gasoline index decreasing by 3.6 percent.
Since last year, the energy index has increased by 3.7 percent, and the food index has increased by 2.1 percent. Food at home rose one percent. The meat, poultry, fish, and eggs index rose 2.4 percent. The index for chicken rose 1.4 percent. The eggs index remained high, increasing by three percent over the past 12 months.
The full CPI report for June 2024 can be found here.
