In April 2025, the U.S. Consumer Price Index (CPI) increased by 0.2% month-over-month on a seasonally adjusted basis, following a 0.1% decline in March. This rise was slightly below market expectations of a 0.3% increase.
On a year-over-year basis, the CPI rose 2.3%, marking the smallest 12-month increase since February 2021. Core inflation, which excludes food and energy prices, increased by 0.2% in April and 2.8% over the past 12 months.
The shelter index was a significant contributor to the monthly increase, rising 0.3% in April and accounting for more than half of the overall CPI increase. Energy prices edged up by 0.7%, driven by increases in natural gas and electricity indexes, while gasoline prices saw a slight decline of 0.1%. Food prices decreased by 0.1%, with the food at home index falling 0.4%—the largest decline since September 2020—primarily due to a 12.7% drop in the index for eggs.
Economists caution that while the current inflation figures show moderation, the full impact of recent tariff implementations may not yet be reflected in the data. Future reports may reveal additional price pressures as these effects materialize.
Sources: Trading Economics, U.S. Bureau of Labor Statistics
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