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April saw an increase in the US Consumer Price Index.

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The US CPI rose in April on higher gas and rental prices, while core inflation remained high as used car prices rose.

The Labor Department said the consumer price index (CPI) rose 0.4% last month after rising 0.1% in March.

In the 12 months to April, the index rose 4.9% after rising 5% year-on-year in March.

The annual consumer price index peaked at 9.1% in June last year, the biggest increase since November 1981, and is now declining as the impact of last year’s energy price hike wanes.

The monthly rise in the report reflects a jump in used car and truck prices. Used car prices rose 4.4 percent in April after months of consecutive price declines, according to the Consumer Price Index report.

Food prices fell for the second month in a row, down 0.2%. This follows a 0.3% decline in March.

However, food prices were still up 7.1% from April 12 to April, while restaurant food prices rose 0.4%.

Source: axios

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