The consumer price index rose 0.4% last month, the biggest gainsince February 2013, according to figures from the U.S. Departmentof Labor, as reported by MarketWatch.
|More than half of the increase in consumer inflation came from arecent bump in the cost of gasoline, which had been falling overthe 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. TheCPI has risen just 1.1% in the past 12 months, up from 0.9% inMarch, the Labor Department said.
|According to the Bureau of Labor Statistics, gas pricesincreased 8.1% in April.
|The price of food also rose 0.2% last month, although the costof groceries has fallen in the past year.
|Core consumer prices rose 0.2% in April. The cost of rentincreased 0.3%, as did medical care. Drug prices rose even fasterand Auto insurance became more expensive.
|Over the past year, core prices are up 2.1%. Inflation-adjustedhourly wages dipped 0.1% in April. They have risen 1.3% in the past12 months, which could explain why consumers are not spending asmuch 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 householdinsurance rose 0.8% in April, which was down from March’s increaseof 1.5%.
|
(Source: Insurance Information Institute)
|Related: Auto and household insurance up in Februaryconsumer price index
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