U.S. consumer prices rose 3.8% over the 12 months ending in April, the Bureau of Labor Statistics reported Tuesday — the fastest annual pace since May 2023, according to Bloomberg.
The Consumer Price Index for All Urban Consumers climbed 0.6% on a seasonally adjusted basis in April, following a 0.9% increase in March
More than 40% of April’s total monthly price increase was driven by a 3.8% rise in the energy index. Gasoline prices climbed 5.4% in April on a seasonally adjusted basis, and are up 28.4% over the past 12 months. Energy overall has risen 17.9% over the same period.
Food prices increased 0.5% in April. The index for food at home rose 0.7%, led by a 1.8% gain in fruits and vegetables and a 1.3% increase in meats, poultry, fish, and eggs. The food away from home index rose 0.2%.