Hardware Retailing The Industry's Source for Insights and Information
Inflation in April increased to the highest level in nearly three years, according to the latest Consumer Price Index released by the U.S. Bureau of Labor Statistics. The increase was largely driven by higher energy prices caused by the war in Iran.
The all items index rose 3.8% in the last 12 months, up from the 3.3% gain in March. The index for energy also rose 3.8% in April, accounting for over 40% of the monthly all items increase, and the shelter index increased 0.6%.
The index for all items less food and energy rose 0.4 percent in April. Indexes that increased over the month include household furnishings and operations, airline fares, personal care, apparel and education. Conversely, the indexes for new vehicles, communication and medical care were among the major indexes that decreased in April.
