- POSTED: 15 May 2014 21:39
US consumer prices edged higher in April, led by rising costs for gasoline, shelter and food, Commerce Department data released on Thursday showed.
WASHINGTON: US consumer prices edged higher in April, led by rising costs for gasoline, shelter and food, Commerce Department data released on Thursday showed.
The consumer price index advanced 0.3 per cent in April, ticking up from a 0.2 per cent increase in March.
The year-over-year CPI increase in April was 2.0 per cent, the largest 12-month increase since July. The advance marked a sharp acceleration from March's 1.5 per cent annual gain.
Energy prices rose 0.3 per cent for the third consecutive month. Gasoline prices jumped 2.3 per cent after falling the previous three months.
Food prices climbed 0.4 per cent for the third month in a row.
Excluding volatile food and energy prices, core CPI rose 0.2 per cent, matching March's gain, and was up 1.8 per cent from April 2013.
April's CPI data reflected a slight pick-up in price increases although inflation remains subdued almost five years after the slowly recovering economy exited severe recession.
The Federal Reserve's preferred inflation measure shows consumer prices rose at an annual rate of 1.1 per cent in March, well below its 2.0 per cent target.