AP Photo/Mark Lennihan The Consumer Price Index increased 0.3% from March to April, and inflation was at 8.3% in April compared to April 2021, the Department of Labor announced in a Wednesday press release .
Even though these numbers are lower than the 1.3% month-to-month consumer price increase and 8.5% year-to-year inflation in March, they’re still concerning, Fox Business reported.
The outlet noted that these figures were slightly higher than the predicted 8.1% and 0.2% from economists at Refinitiv.
When broken down into specific categories, the CPI spells some bad news for Americans, which they were likely already aware of while shopping. In particular, food rose 0.9% on the index, and the “food at home” index rose 1%.
Although the energy index dipped 2.7% in April compared to the previous month, there is still a 30.3% rise over the past year. The report notes that the gasoline index increased by 43.6%, and the fuel oil index increased by 80.5%.
When food and energy are taken out of the picture, which is referred to as “all items less food and energy” in the report, the index rose 6.2% over the past year.
Related: As the Fed Jacks Up Interest Rates, Experts Warn ‘No End In Sight’ to Rising Prices
Economist Jason Furman warned that even though some of these numbers are encouraging, the core inflation figure is cause for concern.“Yes, the 12-month change in inflation peaked. But core inflation at 7.0% annual rate in April was faster than the 6.5% annual rate in the previous twelve months. Not a lot of comfort in that number,” he tweeted. Yes, the 12-month change in inflation peaked. But core inflation at 7.0% annual rate in April was faster than the 6.5% annual rate in the previous twelve months. Not a lot of comfort in that number. — Jason […]
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