Keeping you up to date on the latest data releases.
The headline CPI was flat in April, as gasoline prices fell at an annualized rate of 27 percent following three consecutive increases. The price index for foods rose a modest 2.6 percent clip in April, below its 12-month growth rate of 3.1 percent . On a year-over-year basis, the headline CPI is up 2.3 percent through April, a trend that has fallen precipitously since a recent high of 3.9 percent last September. Excluding food and energy prices, the (“core”) CPI rose 2.9 percent in April, and is up 2.3 percent over the past 12 months. Interestingly, this is the first month since October 2009 that the longer-term (12 month) trend in the headline CPI has been at or below the trend in the core CPI. Our measures of underlying inflation came in a little softer than the core CPI in April; with the median CPI rising 2.3 percent and the 16 percent trimmed-mean CPI up 1.9 percent during the month. Relative to their respective 12-month trends (which are 2.4 percent for the median and 2.3 percent for the trim), the recent trajectory has been roughly flat.