May 11, 2022US CONSUMER PRICE INDEX, APRIL 2022 The United States Consumer Price Index for All Urban Consumers increased 8.3% year-over-year in April. This was below the 8.5% increase reported in March 2022. US inflation was previously above 8% in the early 1980s.
The seasonally adjusted monthly increase was 0.3%, decelerating from the 1.2% rise last month. Increases in shelter, food, airline fares, and new vehicles were the largest contributors to the monthly increase. The food index was up 0.9%, the seventeenth consecutive monthly increase, with gains in major grocery store food groups except fresh fruit and vegetables. The index for all items less food and energy was up 0.6% in April with rises in shelter, airline fares, new vehicles, medical care, recreation, household furnishing and operations. Indexes for communication, and used cars and trucks declined. The energy index was down 2.7% in April as a decline in gasoline (-6.1%) offset higher natural gas and electricity.
The 12-month change in the CPI - all items less food and energy decelerated to a 6.2% increase in April 2022. Over the past 12 months, the energy index is up 30.3% with gasoline up 43.6%. The food index increased 9.4% compared to April 2021, the largest 12-month increase since April 1981.
Note:
Canada and Nova Scotia April 2022 CPI figures will be released on May 18, 2022.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis