US Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.2 per cent in April after a 0.1 per cent drop in March, according to the latest data by the US Bureau of Labour Statistics on Tuesday. Annual inflation slowed to 2.3 per cent, the smallest year-on-year gain since February 2021. Shelter costs were the main driver of the monthly increase, rising 0.3 per cent, while energy prices climbed 0.7 per cent as gains in electricity and natural gas offset a slight dip in gasoline prices. Food prices, however, fell 0.1 per cent, led by a 0.4 per cent drop in grocery costs, the steepest decline since September 2020. Core inflation, which excludes food and energy, rose 0.2 per cent on the month and 2.8 per cent over the year. Notable increases were seen in household furnishings, medical care, and motor vehicle insurance, while prices for airline fares and used vehicles declined. The energy index dropped 3.7 per cent year-on-year (YoY), with gasoline down 11.8 per cent, while food prices rose 2.8 per cent. Within the core category, shelter costs rose 4.0 per cent annually, with insurance and education also seeing solid gains. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
