Wednesday, May 11, 2022

U.S. CPI Inflation Very Hot: Food, Shelter, Airfare All Up (Food UP 9.4%)

From the Bureau of Labor Statistics:

CONSUMER PRICE INDEX - APRIL 2022 
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.

Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent over the month as the food at home index rose 1.0 percent. The energy index declined in April after rising in recent months. The index for gasoline fell 6.1 percent over the month, offsetting increases in the indexes for natural gas and electricity.

The index for all items less food and energy rose 0.6 percent in April following a 0.3-percent advance in March. Along with indexes for shelter, airline fares, and new vehicles, the indexes for medical care, recreation, and household furnishings and operations all increased in April. The indexes for apparel, communication, and used cars and trucks all declined over the month.

The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.....

....MUCH MORE (tables, discussion)

Food

The food index increased 0.9 percent in April; this was its seventeenth consecutive monthly increase. The index for food at home rose 1.0 percent after rising 1.5 percent the prior month. Five of the six major grocery store food group indexes increased over the month. The index for dairy and related products rose 2.5 percent, its largest monthly increase since July 2007. The index for nonalcoholic beverages also rose sharply, increasing 2.0 percent over the month. The index for meats, poultry, fish, and eggs rose 1.4 percent as the index for eggs increased 10.3 percent in April.

The index for cereals and bakery products increased 1.1 percent over the month, and the index for other food at home rose 0.7 percent. In contrast to these increases, the index for fruits and vegetables declined in April, falling 0.3 percent. The index for fresh fruits declined 0.5 percent, while the index for fresh vegetables was unchanged.....