The US Consumer Price Index for All Urban Consumers (CPI-U) has cooled down to 0.3 per cent in April, following a 0.4 per cent rise in March.
Over the last 12 months, the all-items index surged by 3.4 per cent according to the data released on Wednesday by the US Bureau of Labor Statistics.
On a yearly basis, the all-items index rose by 3.4 per cent for the 12 months ending April, slightly lower than the 3.5 percent increase in the preceding 12 months. The food index increased by 2.2 per cent, while the energy index rose by 2.6 per cent during the same period.
According to the data, while the energy index in April rose by 1.1 per cent, the food index remained unchanged in April. The index for food at home saw a decline of 0.2 per cent, while food away from home rose by 0.3 per cent over the month.
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Moreover, the index for food and energy also rose by 0.3 per cent in April, primarily driven by increases in shelter, motor vehicle insurance, medical care, apparel, and personal care. However, indexes for used cars and trucks, household furnishings and operations, and new vehicles witnessed a decrease over the month.
Furthermore, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased by 3.4 percent over the last 12 months, while the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased by 3.2 percent over the same period, according to the data.
The annual increase in consumer prices has dropped from a peak of 9.1 per cent in June 2022, though progress has stalled. Inflation accelerated in the first quarter amid strong domestic demand after moderating for much of last year.
The Consumer Price Index for May will be released on June 12.
