KEY POINTS
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The U.S. Bureau of Labor Statistics reported today that the Consumer Price Index rose 0.6% in April after a 0.9% increase in March, pushing the 12-month rate to 3.8% from 3.3%.
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Energy rose 3.8%, led by a 5.4% jump in gasoline; food rose 0.5% and shelter increased 0.6%.
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For contractors and suppliers, the report signals continued risk in fuel, freight, and operating costs.
According to a release from the U.S. Bureau of Labor Statistics today, the Consumer Price Index (CPI) rose 0.6% in April after a 0.9% increase in March, pushing the 12-month rate to 3.8% from 3.3%.
Energy remained the main driver, but food and shelter also added pressure.
Energy accounted for more than 40% of the monthly increase. Gasoline prices rose 5.4% on a seasonally adjusted basis, electricity increased 2.1%, and fuel oil climbed 5.8%.
Food prices also moved higher. Grocery prices rose 0.7%, led by a 2.7% increase in beef, a 1.8% rise in fruits and vegetables, and a 1.1% gain in nonalcoholic beverages. Food away from home rose 0.2%.
The index for all items less the volatile food and energy components rose 0.4% in April and 2.8% over the past 12 months.
Shelter increased 0.6%, while household furnishings and operations rose 0.7% and airline fares increased 2.8%.
The CPI data for new vehicles, communication, and medical care were among the major indexes that decreased in April.
For contractors and suppliers, the report signals continued risk in fuel, freight, and operating costs.
[Read Higher Energy Costs Will Hurt Everyone, But Not Equally from ConstructConnect Chief Economist, Michael Guckes]
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