The Bureau of Labor Statistics released the monthly CPI data as of 8:30AM this morning. All in all, the data points were a mixed bag in the eyes of the average American.
The “all items” index increased 0.3% since last month, an improvement from March’s 1.2% increase. The yearly increase remains high at 8.3%.
According to the CPI report, “Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase.” Meaning these categories were a bulk of the increase.
The rest of the report is reflective of this.
The food index—a sub-index “all items”— rose 0.9% since last month. But the index put in the largest yearly increase since April of 1981: 9.4%.
In fact, on the yearly basis meat, poultry, fish, and eggs are up over 14%. Cereal and bakery products are up over 10%. “Food at home” (as compared to food outside the home) for Americans has increased 10% on the year.
Homes rose a full percentage point and new vehicles increased 1.1%.
Americans are seeing some relief in the used vehicle sector. The index dropped 0.3%. The prices of used vehicles have been declining since February 2022, though on the yearly basis prices have appreciated 20%.
Since Biden came into office energy prices have been in an uptrend. The energy index dropped almost 3.0% but the yearly increase remains at 30.3% percent. April’s slight drop in the index has been it’s first declined since October of 2021.
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