Market Updates
CPI In April Eased to 4.9%, 10th Monthly Decline In Inflation Rate
Brian Turner
10 May, 2023
New York City
Consumer price index in April declined to 4.9% from a year ago after rising at 5.0% in March, the Bureau of Labor Statistics reported Wednesday.
On a monthly basis, seasonally adjusted inflation index accelerated to 0.4% in April after rising 0.1% in March.
The index for shelter was the largest contributor to the monthly all items increase, followed by increases in the index for used cars and trucks and the index for gasoline.
The annual pace of shelter inflation edged slightly down to 8.1% from 8.2% in the previous month, used car and trucks prices declined 6.6% after falling 11.6%, food prices eased to 7.7% from 8.5% and energy costs fell 5.1% from 6.4% after gasoline prices dropped 12.2% and fuel costs declined 20.2%.
Core prices, which excludes food and energy, rose 5.5% from a year ago and 0.4% from the previous month.
Headline inflation declined for the 10th month in a row, helping policymakers in tackling inflation. But prices are still rising but at a slower pace partly because of the base effect.
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