The inflation rundown

The April CPI rose .2% m/o/m both headline and core, one tenth below expectations for each. The y/o/y gains are now 2.3% and 2.8% respectively vs 2.4% and 2.8% in the month before. Energy prices were higher by .7% m/o/m but still down 3.7% y/o/y. Food at home prices dropped by .4% m/o/m helped by lower egg prices, though still up 2% y/o/y while those food prices out of home were higher by .4% and 3.9% y/o/y.

Service prices ex energy rose .3% m/o/m and 3.6% y/o/y with again help by higher rents. Owners’ equivalent rent was up by .4% m/o/m and 4.3% y/o/y while Rent of Primary Residence (which really should be the only figure used here in calculating rent instead of OER) was up by .3% m/o/m and 4% y/o/y. Both are still overstating blended rates seen in reality but they never got as high as rents actually got in 2022 either. Medical care costs jumped .5% m/o/m and up by 2.7% y/o/y. Airline fares helped to cap services inflation as they fell by 2.8% m/o/m, lower for a 3^rd month and down by 7.9% y/o/y. Hotel prices fell by .2% m/o/m and by 2.3% y/o/y. Higher auto insurance prices remains a problem with rate gains of .6% m/o/m and 6.4% y/o/y. Auto maintenance too with a price jump of .7% m/o/m and 5.6% y/o/y.