Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment in the Consumer Price Index for All Urban Consumers (CPI-U) , the U.S. Bureau of Labor Statistics reported today.
Increases in the indexes for shelter, food, airline fares, and new vehicles were the larges contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent over the previous month as the food at home index rose 1.0 percent. The energy index declined in April after rising in recent months. The index for gasoline fell 6.1 percent over the month, offsetting increases in the indexes for natural gas and electricity.
The index for all items less food and energy rose 0.6 percent in April following a 0.3-percent advance in March. Along with indexes for shelter, airline fares, and new vehicles, the indexes for medical care, recreation, and household furnishings and operations all increased in April. The indexes for apparel, communication, and used cars and trucks all declined over the month.
The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.
Why it Matters
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Inflation is calculated annually using 12 month periods of the Consumer Price Index from the Bureau of Labor Statistics. This year-over-year comparison can be visualized using an Inflation Calculator. The Greater Cheyenne Chamber of Commerce has the responsibility to help navigate the economic climate by taking into consideration all of the critical components of Laramie County’s Economic Development. We strive to position our businesses to compete in the global market and our business community is poised for ongoing success because of this expectation.