The Labor
Department reported on Tuesday that the U.S. consumer price index (CPI) increased 0.2 per cent m-o-m in April, following
an unrevised 0.1 per cent m-o-m slip in the previous month.
Over the last
12 months, the CPI surged 2.3 per cent y-o-y, slightly decelerating from an unrevised rise
of 2.4 per cent y-o-y reported for the period ending in March. This marked the weakest 12-month increase
since February 2021 (+1.7 per cent y-o-y).
Economists had predicted
the U.S. CPI to jump 0.3 per cent m-o-m and 2.4 per cent y-o-y.
According to
the report, a 0.3 per cent m-o-m gain in the index for shelter accounted for
more than half of the monthly increase in the headline indicator. In addition, the energy
index went up 0.7 per cent m-o-m. In contrast, the index for food inched down
0.1 per cent m-o-m in April.
The core CPI,
excluding volatile food and fuel costs, advanced 0.2 per cent m-o-m in April, after an unrevised 0.1 per cent m-o-m uptick in the previous month.
In the 12
months through April, the core CPI soared 2.8 per cent, at a similar pace as
in the 12-month periods ending in March.
Economists
had expected the core CPI to gain 0.3 per cent m-o-m and 2.8 per cent y-o-y last
month.