INFLATION REMAINS HIGH IN APRIL, LED BY FOOD AND ENERGY

Key Points:

  • The Consumer Price Index (CPI) increased 0.3% in April and is up 8.3% in the last year, down slightly from March’s 8.5%, the highest rate since 1982.
  • Price increases in the last year have been broad, impacting businesses and consumers.
  • The overall food index rose 9.4%, food at home rose 10.8%, and food away from home rose 7.2% over the past 12 months.
  • The largest increase in food was for meats, poultry, fish, and eggs, which increased 14.3%.
  • The index for food away from home rose 7.2%, full service meals rose 8.0%, and limited service meals rose 7.0% over the last 12 months.
  • The energy index rose 30.3% over the past 12 months as all the major energy component indexes increased.
  • The gasoline index rose 43.6%, electricity increased 11.0%, and natural gas rose 22.7% over the last 12 months.
  • The index for all items less food and energy rose 6.2% over the past 12 months.
  • The index for used cars and trucks increased 22.7%, new vehicles increased by 13.2%, tobacco and smoking products increased by 7.2%, and apparel increased by 5.4%.
  • The Right Facts will continue to monitor inflation.