The Department of Labor (DOL) reports the Consumer Price Index (CPI) was unchanged in April on a seasonally adjusted basis and over the last 12 months, the all items index increased 2.3% before seasonal adjustment. The energy index, which had risen in each of the three previous months, declined in April on a seasonally adjusted basis and offset increases in the other major indexes.
The DOL reports the gasoline index fell 2.6% in April and accounted for most of the decline in energy, while the food index rose in April as five of the six major grocery store food group indexes increased.
The index for all items less food and energy rose 0.2% in April, the same increase as in March and over the last 12 months has posted a 2.3% increase. "This is the first time since October 2009 that the 12-month all items change has not exceeded the 12-month change for all items less food and energy. The food index has risen 3.1% over the last 12 months, and the energy index has risen 0.9%," states the report.
Juli says: The report points to some loss of momentum in consumer spending, although the decline in gasoline prices over the last month could increase consumers' attitudes toward spending as summer begins.