Inflation continued to cool in April
"The previous CPI for March showed that inflation has faded for nine straight months after the Federal Reserve awoke to the reality of high prices and began hiking rates in March of last year," Mark Hamrick, senior economic analyst for Bankrate, said in a statement before Wednesday's report of April estimates."As inflation has remained elevated, Fed decision makers were unanimous in the vote to raise rates again at the most recent meeting.
"The shelter index increased 8.1 percent over the last year, accounting for over 60 percent of the total increase in all items less food and energy," the news release out Wednesday stated. Additionally, core CPI climbed 0.4% from March to April, per seasonally adjusted data, which is the same as the 0.4%The index for groceries has eased the last two months based on seasonally adjusted data. Prices for food at home dropped by 0.3% from February to March and then by 0.2% from March to April. This index increased 7.1% in April from a year ago, per unadjusted data.
The gas index fell 12.2% year over year, per unadjusted data. Seasonally adjusted data suggests the index climbed month over month in April after tumbling month over month in March. After the index fell by 4.6%, it soared 3.0% from March to April.
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