Updated: 10-May-23 09:28 ET

April CPI

Updated: 10-May-23 09:28 ET

Highlights

• Total CPI was up 0.4% month-over-month (Briefing.com consensus +0.4%) and up 4.9% year-over-year, versus up 5.0% in March.
• Core-CPI, which excludes food and energy, was also up 0.4% month-over-month (Briefing.com consensus +0.3%) and up 5.5% year-over-year, versus up 5.6% in March.
• The index for shelter (+0.4%) was the largest contributor to the increase in total CPI and core-CPI; however, the 0.4% increase was the smallest increase for the shelter index since January 2022.

Key Factors

• The food index was unchanged for the second straight month and up 7.7% year-over-year.
• The energy index increased 0.6%, driven by a 3.0% gain in the gasoline index, and was down 5.1% year-over-year.
• The used cars and trucks index jumped 4.4%, but was down 6.6% year-over-year.
• Excluding shelter, the all items index was up 0.3%, and up 3.4% year-over-year.
• Services inflation was up 0.2% and up 6.8% year-over-year, versus up 7.3% in March.

Big Picture

• The key takeaway from the report as far as the market is concerned is that the moderation in inflation, coupled with the moderation in the shelter index, should at least spur the Fed to entertain keeping its policy rate on hold when it meets again in June.

Category	APR	MAR	FEB	JAN	DEC
All Items	0.4%	0.1%	0.4%	0.5%	0.1%
Food and Beverages	0.1%	0.0%	0.3%	0.5%	0.5%
Housing	0.2%	0.3%	0.5%	0.8%	0.7%
Equivalent Rent	0.5%	0.5%	0.7%	0.7%	0.8%
Apparel	0.3%	0.3%	0.8%	0.8%	0.2%
Transportation	1.2%	-0.5%	0.2%	0.4%	-1.6%
Vehicles	1.2%	0.2%	-0.6%	-0.5%	-0.4%
Motor Fuel	3.0%	-4.6%	1.0%	2.4%	-7.0%
Medical Care	0.0%	-0.3%	-0.5%	-0.4%	0.3%
Educ and Commun	0.0%	0.2%	0.1%	0.4%	0.1%
Special Indices
Core	0.4%	0.4%	0.5%	0.4%	0.4%
Energy	0.6%	-3.5%	-0.6%	2.0%	-3.1%
Services	0.2%	0.3%	0.5%	0.6%	0.7%