The latest Consumer Price Index (CPI) data from the Bureau of Labor Statistics shows encouraging signs that inflationary pressures are continuing to cool.
Key Highlights:
- CPI-U: +0.2% MoM | +2.3% YoY – the lowest YoY rise since Feb 2021
- Core CPI (less food & energy): +0.2% MoM | +2.8% YoY
- Energy prices fell 3.7% YoY, driven by double-digit declines in gasoline and fuel oil
- Food at home saw the largest MoM decline since Sept 2020 (-0.4%)
- Shelter costs remain sticky, up 4.0% YoY, continuing to be the main driver of core inflation
What’s notable is the divergence between falling goods prices (especially energy and used vehicles) and still-rising services and rent. This mixed trend presents both opportunities and challenges for policymakers and markets.
As we track inflation’s path, April’s data supports the disinflation narrative, but the sticky core components remind us that the Fed’s job isn't done yet.
See the full summary in the infographic below.
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