Biden’s Admin Update: April’s Inflation And CPI Up, Access To A Lower Cost Of Living Failed

WASHINGTON, D.C. (May 11, 2022)—the Biden’s Administration has failed to provide the American people access to a cheaper cost of living for more than 17 consecutive months according to the The Bureau of Labor Statistics’ April Consumer Price Index (CPI) rose 8.3% in April over last year, coming down from March’s 8.5% advance. That rise had marked the fastest rate since 1981. 

The food index increased 0.9 percent in April; this was its seventeenth consecutive monthly
increase. The index for food at home rose 1.0 percent after rising 1.5 percent the prior month.
Five of the six major grocery store food group indexes increased over the month. The index for
dairy and related products rose 2.5 percent, its largest monthly increase since July 2007. The 
index for nonalcoholic beverages also rose sharply, increasing 2.0 percent over the month. The
index for meats, poultry, fish, and eggs rose 1.4 percent as the index for eggs increased 10.3
percent in April.

The index for cereals and bakery products increased 1.1 percent over the month, and the index for
other food at home rose 0.7 percent. In contrast to these increases, the index for fruits and
vegetables declined in April, falling 0.3 percent. The index for fresh fruits declined 0.5
percent, while the index for fresh vegetables was unchanged.

The food away from home index rose 0.6 percent in April after rising 0.3 percent in March. The
index for full service meals rose 0.9 percent over the month. The index for limited service
meals increased 0.3 percent in April after declining in March.  

The food at home index rose 10.8 percent over the last 12 months, the largest 12-month increase
since the period ending November 1980. The index for meats, poultry, fish, and eggs increased
14.3 percent over the last year, the largest 12-month increase since the period ending May 1979.
The other major grocery store food group indexes also rose over the past year, with increases
ranging from 7.8 percent (fruits and vegetables) to 11.0 percent (other food at home). 

The index for food away from home rose 7.2 percent over the last year. The index for full
service meals rose 8.7 percent over the last 12 months, the largest 12-month increase since the
inception of the index in 1997. The index for limited service meals rose 7.0 percent over the
last year, while the index for food at employee sites and schools fell 30.0 percent, reflecting
widespread free lunch programs.

Energy

The energy index declined 2.7 percent in April after rising 11.0 percent in March. The gasoline
index declined in April, falling 6.1 percent after increasing 18.3 percent the prior month.
(Before seasonal adjustment, gasoline prices fell 1.0 percent in April.) The other major energy
component indexes increased in April; the index for natural gas rose 3.1 percent and the index
for electricity increased 0.7 percent.  

The energy index rose 30.3 percent over the past 12 months. All the major energy component
indexes increased over the year. The gasoline index increased 43.6 percent and the fuel oil
index rose 80.5 percent. The index for electricity rose 11.0 percent, and the index for natural
gas increased 22.7 percent over the last 12 months.  

All items less food and energy

The index for all items less food and energy rose 0.6 percent in April. The shelter index increased 0.5 percent in April, the same increase as in March. The rent index rose 0.6 percent and the owners’ equivalent rent index rose 0.5 percent. The index for lodging away from home continued to increase, rising 1.7 percent in April after advancing 3.3 percent in March. The index for airline fares continued to rise sharply, increasing 18.6 percent in April, the largest 1-month increase since the inception of the series in 1963. The index for new vehicles increased 1.1 percent in April after rising 0.2 percent in March. The medical care index increased 0.4 percent in April.

Hospital Services Rose

The index for hospital services rose 0.5 percent over the month, the index for physicians’ services rose 0.2 percent, and the index for prescription drugs was unchanged. The recreation index rose 0.4 percent in April after increasing 0.2 percent in March.

The Rise In Household Furnishings, Operations and Vehicles

The index for household furnishings and operations continued to increase, rising 0.4 percent in April after increasing 1.0 percent the prior month. The index for motor vehicle insurance increased 0.8 percent in April. Also rising over the month were the indexes for personal care (+0.4 percent), education (+0.2 percent), alcoholic beverages (+0.4 percent), and tobacco (+0.4 percent). A few major component indexes declined in April.

Apparel and Communication Index

The apparel index fell 0.8 percent over the month, ending a string of six consecutive increases. The index for communication fell 0.4 percent in April, its third consecutive monthly decline. The index for used cars and trucks also fell 0.4 percent over the month, its third straight decline after a long series of increases.

The index for all items less food and energy rose 6.2 percent over the past 12 months. Virtually all major components have increased over the span. The shelter index rose 5.1 percent over the last year, and the medical care index increased 3.2 percent. Several transportation indexes show notable increases including used cars and trucks (+22.7 percent) and new vehicles (+13.2 percent).

The index for airline fares rose 33.3 percent over the last year, the largest 12-month increase since the period ending December 1980. Not seasonally adjusted CPI measures The Consumer Price Index for All Urban Consumers (CPI-U) increased 8.3 percent over the last 12 months to an index level of 289.109 (1982-84=100).

For the month, the index increased 0.6 percent prior to seasonal adjustment. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 8.9 percent over the last 12 months to an index level of 284.575 (1982-84=100). For the month, the index rose 0.5 percent prior to seasonal adjustment. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 7.8 percent over the last 12 months. For the month, the index increased 0.6 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.

No photo description available.

___________________

Source: Bureau of Labor Statistics contributed to the article.

Leave a Reply

Your email address will not be published.