The CPI report showed an increase of 0.3% from March, the Labor Department's Bureau of Labor Services reported Wednesday.On a 12-month basis, however, the CPI increased 3.4%, in line with expectations.eased slightly in April, providing at least a bit of relief for consumers while still holding above levels that would suggest a cut in interest rates is imminent.consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.
For the inflation report, price gains on the month were driven heavily by increases in both shelter and energy. Areas showing notable gains on the month included apparel , transportation services and medical care services . For transportation services, that took the annual increase up to 11.2. Services excluding energy, a key point for policymakers, increased 0.4% on the month and was up 5.3% on the year.
A 1.2% decline in online receipts held the sales figure back, as did a 0.9% slide in sporting goods and related stores, while motor vehicles and parts dealers posted a 0.8% decrease. In remarks Tuesday, Fed Chair Jerome Powell acknowledged that readings earlier in 2024 had been higher than expected and said it's likely the central bank will need to keep monetary policy"at the current rate for longer than had been thought."