Consumer Price Index Rose 0.8% in April
Washington, DC, May 12, 2021-The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8% in April on a seasonally adjusted basis after rising 0.6% in March, the U.S. Bureau of Labor Statistics reported.
Over the last 12 months, the all items index increased 4.2% before seasonal adjustment. This is the largest 12-month increase since a 4.9% increase for the period ending September 2008.
“U.S. consumer prices surged in April as the economic recovery picked up, reflecting surging demand as the pandemic eased and higher prices due to supply bottlenecks,” reports the Wall Street Journal.
“The Labor Department reported its consumer-price index jumped 4.2% in April from a year earlier, up from 2.6% for the year ended in March. That is the highest 12-month level since the summer of 2008. Consumer prices increased a seasonally adjusted 0.8% in April from March. The index measures what consumers pay for goods and services, including clothes, groceries, restaurant meals, recreational activities and vehicles.
“Higher prices for used autos surged 10% in April compared with the prior month-the largest monthly increase on record. That accounted for more than a third of the increase, the Labor Department said.
“The so-called core price index, which excludes the often-volatile categories of food and energy, climbed 3% in April from a year before.”