Prices last month were up 3.4% compared to April 2023, largely due to high gas prices and rising rent costs, according to the U.S. Bureau of Labor Statistics.
The statistics, released on Wednesday, show that prices in April rose 0.3% from March, with most of the increases coming from gas and shelter costs. Energy prices jumped 1.1% in April from March as gas prices remained elevated. April’s 0.3% monthly increase comes after back-to-back monthly increases of 0.4% in February and March.
“The index for all items less food and energy rose 0.3 percent in April, after rising 0.4 percent in each of the 3 preceding months,” according to a summary of the Consumer Price Index. “Indexes which increased in April include shelter, motor vehicle insurance, medical care, apparel, and personal care.”
Fed Chairman Jerome Powell said on Tuesday that inflation so far in 2024 had been higher than expected.
“We did not expect this to be a smooth road, but these were higher than I think anybody expected,” he said. “What that has told us is that we will need to be patient and let restrictive policy do its work.”
Inflation has been a consistent problem for President Joe Biden as he has campaigned for re-election on his “Bidenomics” message. Earlier this week, Biden claimed in an interview that inflation was at 9% when he became president back in January 2021. Inflation was actually at 1.4% when he became president and had jumped to over 9% in June 2022, a 40-year high.
Polling from Gallup conducted last month showed that over 40% of Americans named inflation or the high cost of living as the most important financial problem facing their family.
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Former President Donald Trump has campaigned hard against Biden’s economic record, and one political action committee backing him launched an interactive website for people to compare their grocery bills under Trump to those under Biden.
“New inflation data shows that since January 21, groceries are up 21.3%, rent is up 20.8%, electricity bills are up 28.5%,” MAGA War Room posted on X. “Auto insurance is up 52.1%, Eggs are up 43.5%, baby food and formula up 30.0%”