Consumer Prices Continue Upward Climb in April

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FILE - A customer prepares to purchase gas at a filling station in Chicago, Monday, April 22, 2024. On Wednesday, May 15, 2024, the Labor Department issues its report on inflation at the consumer level in April. (AP Photo/Nam Y. Huh, File)
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(AURN News) – Consumer prices rose in April, with Americans now seeing even higher housing, medical, transportation, and gasoline costs, according to the latest data released Wednesday by the Bureau of Labor Statistics. The Consumer Price Index, a key measure of inflation, increased 0.3 percent last month after rising 0.4 percent in March. Over the past 12 months, consumer prices have risen 3.4 percent. When it comes to the shelter category, which includes rent and housing prices, prices climbed 0.4 percent from March.

Energy prices jumped 1.1 percent on par with the March increase and largely reflected higher gasoline costs. The price of gasoline rose 2.8 percent in April. In some relief for consumers, food prices were flat last month compared to March. The “food at home” category, which includes grocery prices, actually declined 0.2 percent.

The Consumer Price Index is closely tracked as an important gauge of inflation here in the United States. While not a huge spike, April’s increase underscores that we are still grappling with stubbornly high inflation, even as those on Wall Street hope the Federal Reserve will decrease interest rates at some point this year. The latest numbers show that will not be happening any time soon.


Click play to listen to the AURN News report from Jamie Jackson:

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