Updated: 13-May-25 09:19 ET

April CPI

Updated: 13-May-25 09:19 ET

Highlights

• Total CPI was up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.1% decline in March. On a year-over-year basis, total CPI was up 2.3%, versus 2.4% in March. That is the smallest 12-month increase since February 2021.
• Core CPI, which excludes food and energy, was also up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.1% increase in March. Core CPI was up 2.8% year-over-year, unchanged from March.

Key Factors

• The food index decreased 0.1% month-over-month and was up 2.8% year-over-year.
• The energy index increased 0.7% month-over-month and was down 3.7% year-over-year.
• The shelter index increased 0.3% month-over-month and was up 4.0% year-over-year.
• The used cars and trucks index decreased 0.5% month-over-month and was up 1.5% year-over-year.
• The apparel index decreased 0.2% month-over-month and was down 0.7% year-over-year.
• The services index was up 3.7% year-over-year (services less rent of shelter were up 3.3%).
• The all items index less shelter was up 1.4% year-over-year.

Big Picture

• The key takeaway from the report is the absence of any tariff shock in the headlines. Consumer prices, overall, were held in check, for the most part, including food and gasoline.

Category	APR	MAR	FEB	JAN	DEC
All Items	0.2%	-0.1%	0.2%	0.5%	0.4%
Food and Beverages	-0.1%	0.4%	0.2%	0.4%	0.3%
Housing	0.5%	0.3%	0.4%	0.3%	0.3%
Equivalent Rent	0.4%	0.4%	0.3%	0.3%	0.3%
Apparel	-0.2%	0.4%	0.6%	-1.4%	0.1%
Transportation	0.0%	-1.8%	-0.4%	1.2%	1.2%
Vehicles	0.0%	-0.3%	0.1%	1.0%	0.3%
Motor Fuel	-0.1%	-6.3%	-1.0%	1.8%	4.0%
Medical Care	0.5%	0.2%	0.3%	0.2%	0.1%
Educ and Commun	-0.1%	0.3%	0.2%	0.3%	0.0%
Special Indices
Core	0.2%	0.1%	0.2%	0.4%	0.2%
Energy	0.7%	-2.4%	0.2%	1.1%	2.4%
Services	0.4%	0.2%	0.3%	0.5%	0.3%