Inflation, April 2024

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Today the April, 2024 Consumer Price Index (CPI-U) was released.  There were a few surprises, but the overall picture matched my expectations.  Overall inflation, April 2024, was 0.3% month-over-month.  That translates into a 3.8% annual rate.  Between April, 2023 and April, 2024, the CPI increased by 3.24%.  (All this and more is in the Excel workbook.)

The most surprising component was apparel.  In April, apparel increased by a whopping 1.2%, equal to a 15.4% annual rate. Luckily for the Biden administration, apparel had a weight of about 2.7% in the overall CPI.  Here’s the summary.

Inflation, April 2024

Inflation, April 2024. (Click for larger image)

Other notable factors include transportation (8.5% annual rate) and energy (14.4%).  I just filled up our car the other day and was shocked at the price: $5.30/gallon.  I could have paid $5.20, but wasn’t awake enough to notice the sign at the other station.  (Yes, I live in coastal California, greater Silicon Valley region.  Those of you that don’t live here are welcome to laugh as long and loud as you want.)

In a few days (with any luck) I’ll have a much longer article on Bidenflation.  Check back regularly!

 

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About Tony Lima

Retired after teaching economics at California State Univ., East Bay (Hayward, CA). Ph.D., economics, Stanford. Also taught MBA finance at the California University of Management and Technology. Occasionally take on a consulting project if it's interesting. Other interests include wine and technology.

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