The Bureau of Labor Statistics reported that the Consumer Price Index in the US climbed 3.4% in April from year-ago levels – a tick downward from March’s 3.5% rate. Core CPI, which excludes volatile food and energy costs, rose 3.6% in April over the last 12 months after rising 3.8% in March.

The CPI climbed 0.3% in April from month-ago levels after rising 0.4% in March. Core CPI also rose 0.3% after rising 0.4% in March.

The BLS reported: “The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes contributed over seventy percent of the monthly increase in the index for all items.”

The April CPI was forecast to show a 0.4% increase from the month before – the same reading in the March report. Meanwhile, core CPI, which excludes highly volatile food and energy prices, was predicted to decline to 0.3% from 0.4% in March.

On an annual basis, the April CPI had been forecast to show the annual inflation rate at 3.4% in April from 3.5% in March. The core CPI year over year had been forecast to rise to 3.6% in April from 3.8% in March.

April CPI Report Key Stats

• CPI rose 0.3% for the month after rising 0.4% in March
• Core CPI climbed 0.3% after increasing by 0.4% in March
• CPI climbed 3.4% year over year after increasing by 3.5% the prior month
• Core CPI climbed 3.6% from year-ago levels after growing 3.8% in March

Energy prices were mixed overall for the month after growing 1.1% the prior month. Utility (piped) gas service prices fell 2.9%, fuel oil prices increased 0.9%, gasoline prices rose 2.8%, and electricity prices fell 0.1%.

In April, shelter prices increased 0.4% after increasing by the same amount in March.

This article was partially generated by Wordsmith, an automated smart-text platform, using data from the Bureau of Labor Statistics. The article has been reviewed by Morningstar editors.