April’s Consumer Price Index (CPI) fell in line with year-over-year expectations as it rose 3.4%, while cooling below month-over-month estimates and increasing by only 0.3%. Yahoo Finance’s Brooke DiPalma, Madison Mills, and Jennifer Schonberger join the Morning Brief to break down the sectors most heavily impacted by inflation.
April’s CPI print shows that Americans are still grappling with high food prices. Overall prices jumped 2.2% year over year, and the cost of groceries alone rose 1.1% year over year. The cost of dining out at restaurants also increased to 4.1% year over year.
Meanwhile, shelter and gas combined contributed to 70% of April’s monthly CPI increase. Shelter rose 0.4% month over month and 5.5% year over year, serving as a key indicator of whether the Federal Reserve’s rate hike cycle is impacting inflation.
Transportation costs rose 0.9% month over month and 11.2% year over year, while services rose 5.3% year over year.
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