May 22, 2023 - Business
Consumer price index shows lingering signs of inflation
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The consumer price index rose at a quicker monthly pace in April, pushed up by soaring costs for used cars and trucks — the latest sign of lingering inflation pressures across the economy, Axios' Courtenay Brown reports.
Why it matters: The CPI rose 0.4% in April, faster than the 0.1% rise the previous month. The measure that excludes energy and food prices continued to rise at a fairly quick pace.
Yes, but: The South region, which includes Richmond, saw a 0.7% increase, up from a 0.4% increase in March.
By the numbers: On a yearly basis, inflation continued to move down.
- In the 12 months through April, CPI increased 5.5% for the South region — ticking down from a 5.3% increase in March.
What's costing more: Food, both at the grocery store and in restaurants, plus gasoline and used cars.