The Labor Department said Wednesday that the consumer price index (CPI), a broad measure of the price for everyday goods including gasoline, groceries and rents, increased to 8.3% in April from a year ago. It is slightly below the 8.5% year-over-year surge recorded in March.
Prices jumped 0.3% in the one-month period from March.
This is not a good thing. It’s huge. Consumer prices rose but energy went down slightly. Energy only went down because of temporary machinations. Nothing permanent or substantive has changed. In fact, in New York, gas and home heating oil are skyrocketing in May.
“Increases in the indexes for shelter, food, airline fares and new vehicles were the largest contributors to the seasonally adjusted all items increase,” the department said in a statement.
The report showed a massive increase in energy prices over the past year, but also noted that those prices actually declined by close to 3% from March to April.
Those figures were both higher than the 8.1% headline figure and 0.2% monthly gain forecast by Refinitiv economists.
So-called core prices, which exclude more volatile measurements of food and energy, climbed 6.2% in April from the previous year, which was also more than Refinitiv expected.