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. (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!
