The consumer price index rose 0.4% last month, the biggest gain since February 2013, according to figures from the U.S. Department of Labor, as reported by MarketWatch.
More than half of the increase in consumer inflation came from a recent bump in the cost of gasoline, which had been falling over the past few months. Higher rents were another major contributor, accounting for about one-fourth of the increase.
Although prices are rising, overall inflation is still low. The CPI has risen just 1.1% in the past 12 months, up from 0.9% in March, the Labor Department said.
According to the Bureau of Labor Statistics, gas prices increased 8.1% in April.
The price of food also rose 0.2% last month, although the cost of groceries has fallen in the past year.
Core consumer prices rose 0.2% in April. The cost of rent increased 0.3%, as did medical care. Drug prices rose even faster and Auto insurance became more expensive.
Over the past year, core prices are up 2.1%. Inflation-adjusted hourly wages dipped 0.1% in April. They have risen 1.3% in the past 12 months, which could explain why consumers are not spending as much as they have in the past.
|Insurance-related figures
The consumer price index for Auto insurance rose 6% in April, which was up from March’s increase of 5.1%. Tenants’ and household insurance rose 0.8% in April, which was down from March’s increase of 1.5%.
(Source: Insurance Information Institute)
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
