The U.S. economy grew at an annual rate of 1.6 percent in the first quarter of 2024, according to the advance estimate from the Bureau of Economic Analysis. This growth rate marks a significant deceleration from the 3.4 percent expansion observed in the fourth quarter of 2023. The initial GDP data for the first quarter reflects various economic activities, including consumer spending and investments in both residential and nonresidential sectors.
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April 2024 Consumer Price Index Summary
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3 percent in April, following a 0.4 percent increase in March, as reported by the U.S. Bureau of Labor Statistics. Over the past 12 months, the all items index increased by 3.4 percent before seasonal adjustment.
Key Contributors to CPI Increase
- Shelter and Gasoline Prices: The shelter and gasoline indexes were significant contributors to the monthly increase, together accounting for over seventy percent of the rise in the all items index.
- Energy Index: The energy index saw a 1.1 percent increase in April.
- Food Index: The food index remained unchanged in April. However, within this category, the food at home index declined by 0.2 percent while the food away from home index increased by 0.3 percent.
All Items Less Food and Energy
Excluding food and energy, the CPI-U rose 0.3 percent in April, after consistent increases of 0.4 percent in the previous three months. Key contributors to this rise include:
- Shelter: Increased by 0.4 percent.
- Motor Vehicle Insurance: Increased by 1.8 percent.
- Medical Care, Apparel, and Personal Care: All saw increases in April.
Indexes with Decreases
- Used Cars and Trucks: Decreased by 1.4 percent.
- Household Furnishings and Operations: Decreased by 0.5 percent.
- New Vehicles: Decreased by 0.4 percent.
12-Month Overview
Over the last 12 months, the all items index rose by 3.4 percent. This is a slight decrease from the 3.5-percent increase reported for the 12 months ending in March. Other notable 12-month changes include:
- All Items Less Food and Energy: Increased by 3.6 percent.
- Energy Index: Increased by 2.6 percent.
- Food Index: Increased by 2.2 percent.
Detailed Food Index Changes
- Food at Home: Decreased by 0.2 percent in April. Specific declines include:
- Meats, Poultry, Fish, and Eggs: Decreased by 0.7 percent.
- Fruits and Vegetables: Decreased by 0.8 percent.
- Nonalcoholic Beverages: Decreased by 0.2 percent.
- Food Away from Home: Increased by 0.3 percent in April. Limited service meals rose by 0.4 percent, while full-service meals increased by 0.3 percent.
Energy Index Changes
- Gasoline: Increased by 2.8 percent in April.
- Fuel Oil: Increased by 0.9 percent.
- Natural Gas: Decreased by 2.9 percent.
- Electricity: Decreased by 0.1 percent.
Shelter Index
The shelter index, which is a major component of the all items less food and energy index, increased by 0.4 percent in April. Both rent and owners' equivalent rent rose by 0.4 percent.
Notable Increases in Other Categories
- Motor Vehicle Insurance: Increased by 1.8 percent.
- Apparel: Increased by 1.2 percent.
- Medical Care: Increased by 0.4 percent, with hospital services rising by 0.6 percent and physicians' services by 0.1 percent.
Unadjusted CPI Data
The unadjusted Consumer Price Index for All Urban Consumers (CPI-U) increased by 3.4 percent over the last 12 months to an index level of 313.548. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) also increased by 3.4 percent over the same period to an index level of 307.811. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) rose by 3.2 percent over the last 12 months.
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