May 21, 2024 • 4 mins
The Bureau of Labor Statistics has released the much-anticipated Consumer Price Index (CPI) summary for April 2024, providing a detailed look at the state of inflation in the United States. This report, which was embargoed until 8:30 a.m. (ET) on Wednesday, May 15, 2024, offers valuable insights into the changing landscape of consumer prices across various sectors of the economy. CPI-U on the rise: The Consumer Price Index for All Urban Consumers (CPI-U) continued its upward trajectory, increasing by 0.3 percent in April on a seasonally adjusted basis. This follows a 0.4 percent rise in March, highlighting the persistent inflationary pressures facing consumers. Over the last 12 months, the all items index has grown by a substantial 3.4 percent before seasonal adjustment, underlining the significant impact of inflation on the cost of living. Shelter and gasoline drive inflation: The April CPI report reveals that the index for shelter and gasoline were the primary contributors to the monthly increase in the all items index. These two components alone accounted for over 70 percent of the monthly rise, emphasizing the significant role that housing costs and fuel prices play in shaping the overall inflationary picture. The energy index, which encompasses gasoline prices, rose by 1.1 percent over the month, adding to the financial burden on consumers. Food prices remain stable: In a bit of welcome news for consumers, the food index remained unchanged in April, following a modest 0.1 percent increase in March. This stability can be attributed to the contrasting movements within the food sector. The food at home index, which represents grocery store prices, declined by 0.2 percent, while the food away from home index, which covers restaurant and dining out expenses, rose by 0.3 percent over the month. Core inflation holds steady: The core inflation rate, as measured by the index for all items less food and energy, rose by 0.3 percent in April. This follows three consecutive months of 0.4 percent increases, indicating a slight moderation in the underlying inflationary pressures. However, it is important to note that the core inflation rate remains elevated, with a 3.6 percent increase over the last 12 months. Mixed bag of price movements: The April CPI report presents a mixed picture of price changes across various sectors. While indexes for shelter, motor vehicle insurance, medical care, apparel, and personal care increased over the month, there were notable declines in the indexes for used cars and trucks, household furnishings and operations, and new vehicles. This divergence in price movements highlights the complex and multifaceted nature of inflation. Long-term inflation trends: Looking at the bigger picture, the all items index has risen by 3.4 percent over the past 12 months, a slightly lower rate compared to the 3.5 percent increase observed for the 12 months ending in March. The core inflation rate, as measured by the all items less food and energy index, has increased by 3.6 percent over the last 12 months. Meanwhile, the energy index has grown by 2.6 percent, and the food index has risen by 2.2 percent over the same period. The April 2024 Consumer Price Index summary offers a comprehensive and nuanced view of the inflationary landscape in the United States. While the overall trend points towards persistent inflationary pressures, the report also highlights the divergent price movements across different sectors of the economy. As consumers continue to grapple with the impact of rising prices on their daily lives, policymakers and economists will closely monitor these trends to inform their decision-making processes. The next CPI report, scheduled for release on June 12, 2024, will provide further insights into the evolving state of inflation in the country.
This content was created in partnership and with the help of Artificial Intelligence AI
This content was created in partnership and with the help of Artificial Intelligence AI
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Episode Transcript
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(00:00):
The Bureau of Labor Statistics has releasedthe much anticipated Consumer Price Index CPI Summary
for April twenty twenty four, providinga detailed look at the state of inflation
in the United States. This report, which was embargoed until eight thirty a
m ET on Wednesday, May fifteenth, twenty twenty four, offers valuable insights
(00:20):
into the changing landscape of consumer pricesacross various sectors of the economy. CPIU
on the rise. The Consumer PriceIndex for all Urban consumers CPIU continued its
upward trajectory, increasing by zero pointthree percent in April on a seasonally adjusted
basis. This follows a zero pointfour percent rise in March, highlighting the
(00:42):
persistent inflationary pressures facing consumers. Overthe last twelve months, the All Items
index has grown by a substantial threepoint four percent before seasonal adjustment, underlining
the significant impact of inflation on thecost of living. Shelter and gasoline drive
inflation. The April CPI report revealsthat the index for shelter and gasoline were
(01:04):
the primary contributors to the monthly increasein the all Items index. These two
components alone accounted for over seventy percent of the monthly rise, emphasizing the
significant role that housing costs and fuelprices play in shaping the overall inflationary picture.
The Energy index, which encompasses gasolineprices, rose by one point one
(01:26):
percent over the month, adding tothe financial burden on consumers. Food prices
remained stable. In a bit ofwelcome news for consumers, the food index
remained unchanged in April, following amodest zero point one per cent increase in
March. This stability can be attributedto the contrasting movements within the food sector.
The food at Home index, whichrepresents grocery store prices, declined by
(01:49):
zero point two percent, while thefood away from home index, which covers
restaurant and dining out expenses, roseby zero point three percent over the month.
Core inflation and hold steady. Thecore inflation rate, as measured by
the index for all items less foodand energy, rose by zero point three
percent in April. This follows threeconsecutive months of zero point four percent increases,
(02:13):
indicating a slight moderation in the underlyinginflationary pressures. However, it is
important to note that the core inflationrate remains elevated, with a three point
six percent increase over the last twelvemonths. Mixed bag of price movements.
The April CPI report presents a mixedpicture of price changes across various sectors.
(02:35):
While indexes for shelter, motor vehicle, insurance, medical care, apparel,
and personal care increased over the month, there were notable declines in the indexes
for used cars and trucks, householdfurnishings and operations, and new vehicles.
This divergence in price movements highlights thecomplex and multifaceted nature of inflation long term
(02:55):
inflation trends. Looking at the biggerpicture, the all Items index has risen
by three point four percent over thepast twelve months, a slightly lower rate
compared to the three point five percentincrease observed for the twelve months ending in
March. The core inflation rate,as measured by the all items less food
and Energy index, has increased bythree point six percent over the last twelve
(03:19):
months. Meanwhile, the energy indexhas grown by two point six percent and
the food index has risen by twopoint two percent over the same period.
The April twenty twenty four Consumer PriceIndex summary offers a comprehensive and nuanced view
of the inflationary landscape in the UnitedStates. While the overall trend points towards
persistent inflationary pressures, the report alsohighlights the divergent price movements across different sectors
(03:45):
of the economy. As consumers continueto grapple with the impact of rising prices
on their daily lives. Policymakers andeconomists will closely monitor these trends to inform
their decision making processes. The nextCPI report, wart scheduled for release on
June twelfth, twenty twenty four,will provide further insights into the evolving state
of inflation in the country.
The Bureau of Labor Statistics has releasedthe much anticipated Consumer Price Index CPI Summary
for April twenty twenty four, providinga detailed look at the state of inflation
in the United States. This report, which was embargoed until eight thirty a
m ET on Wednesday, May fifteenth, twenty twenty four, offers valuable insights
(00:20):
into the changing landscape of consumer pricesacross various sectors of the economy. CPIU
on the rise. The Consumer PriceIndex for all Urban consumers CPIU continued its
upward trajectory, increasing by zero pointthree percent in April on a seasonally adjusted
basis. This follows a zero pointfour percent rise in March, highlighting the
(00:42):
persistent inflationary pressures facing consumers. Overthe last twelve months, the All Items
index has grown by a substantial threepoint four percent before seasonal adjustment, underlining
the significant impact of inflation on thecost of living. Shelter and gasoline drive
inflation. The April CPI report revealsthat the index for shelter and gasoline were
(01:04):
the primary contributors to the monthly increasein the all Items index. These two
components alone accounted for over seventy percent of the monthly rise, emphasizing the
significant role that housing costs and fuelprices play in shaping the overall inflationary picture.
The Energy index, which encompasses gasolineprices, rose by one point one
(01:26):
percent over the month, adding tothe financial burden on consumers. Food prices
remained stable. In a bit ofwelcome news for consumers, the food index
remained unchanged in April, following amodest zero point one per cent increase in
March. This stability can be attributedto the contrasting movements within the food sector.
The food at Home index, whichrepresents grocery store prices, declined by
(01:49):
zero point two percent, while thefood away from home index, which covers
restaurant and dining out expenses, roseby zero point three percent over the month.
Core inflation and hold steady. Thecore inflation rate, as measured by
the index for all items less foodand energy, rose by zero point three
percent in April. This follows threeconsecutive months of zero point four percent increases,
(02:13):
indicating a slight moderation in the underlyinginflationary pressures. However, it is
important to note that the core inflationrate remains elevated, with a three point
six percent increase over the last twelvemonths. Mixed bag of price movements.
The April CPI report presents a mixedpicture of price changes across various sectors.
(02:35):
While indexes for shelter, motor vehicle, insurance, medical care, apparel,
and personal care increased over the month, there were notable declines in the indexes
for used cars and trucks, householdfurnishings and operations, and new vehicles.
This divergence in price movements highlights thecomplex and multifaceted nature of inflation long term
(02:55):
inflation trends. Looking at the biggerpicture, the all Items index has risen
by three point four percent over thepast twelve months, a slightly lower rate
compared to the three point five percentincrease observed for the twelve months ending in
March. The core inflation rate,as measured by the all items less food
and Energy index, has increased bythree point six percent over the last twelve
(03:19):
months. Meanwhile, the energy indexhas grown by two point six percent and
the food index has risen by twopoint two percent over the same period.
The April twenty twenty four Consumer PriceIndex summary offers a comprehensive and nuanced view
of the inflationary landscape in the UnitedStates. While the overall trend points towards
persistent inflationary pressures, the report alsohighlights the divergent price movements across different sectors
(03:45):
of the economy. As consumers continueto grapple with the impact of rising prices
on their daily lives. Policymakers andeconomists will closely monitor these trends to inform
their decision making processes. The nextCPI report, wart scheduled for release on
June twelfth, twenty twenty four,will provide further insights into the evolving state
of inflation in the country.
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