US CPI Rises 3.8% YoY in April on Energy Surge

The United States faced renewed inflationary pressures in April as the Consumer Price Index rose 3.8 percent year over year, the highest increase since May 2023, while producer prices climbed 6 percent over the same period, according to the Bureau of Labor Statistics. These figures, released this week, coincided with retail sales growth slowing to 0.5 percent from a revised 1.6 percent in March, the Commerce Department reported, amid surging energy costs tied to the Middle East conflict.

The CPI increase marked an acceleration from March's 3.3 percent, with a 0.6 percent monthly gain driven largely by energy, which accounted for over 40 percent of the rise. Gasoline prices jumped 5.4 percent from March to April and 28.4 percent year over year, pushing the national average to $4.53 per gallon, according to AAA data. The overall energy index advanced 3.8 percent monthly and 17.9 percent annually. Producer prices saw a sharper 1.4 percent monthly increase, the largest since March 2022, with energy up 7.8 percent month over month and diesel rising 12.6 percent.

Core CPI, excluding food and energy, increased 0.4 percent monthly and 2.8 percent annually. Food prices rose 0.7 percent...