• Prior was +3.3% y/y
• CPI m/m +0.6% vs +0.6% expected
• Prior m/m +0.9%

Core measures:

• Core CPI m/m +0.4% vs +0.3% expected. Last month +0.2%
• Core CPI y/y +2.8% vs +2.7% expected. Last month was +2.6%
• Real weekly earnings -0.2% vs -0.9% prior
• Shelter +0.6% vs +0.3% last month
• Shelter y/y +3.3%
• Services less energy services +0.5% m/m vs +0.2% prior
• Services less energy services y/y +3.3%
• Food +0.5% m/m vs 0.0% m/m prior
• Food +3.2% y/y
• Energy +3.8% m/m vs +10.9% m/m prior
• Energy +17.9% y/y
• Rents +0.5% m/m vs +0.2% prior
• Owner’s equivalent rent +0.5% vs +0.3% prior
• Gasoline +5.4% m/m vs +21.2% prior
• Used cars and trucks 0.0% m/m vs -0.4% prior
• New vehicles -0.2% m/m vs +0.1% prior
• Airline fares +2.8% m/m vs +2.7% prior (+20.7% y/y)
• Lodging away from home +2.4% m/m
• Apparel +0.6% m/m vs +1.0% prior
• Medical care services 0.0% m/m vs 0.0% prior
• Medical care commodities -0.4% m/m vs -1.0% prior
• Hospital services -0.3% m/m
• Motor vehicle insurance +0.1% m/m vs 0.0% prior (+0.2% y/y)

Energy was again the headline mover, accounting for over forty percent of the monthly all-items increase, though the pace slowed sharply from March’s +10.9%. Gasoline rose +5.4% m/m after surging +21.2% the month before, but the year-over-year gasoline number is still running at +28.4%. Fuel oil added another +5.8% m/m and is up +54.3% y/y. Electricity rose +2.1% m/m and is +6.1% y/y.

The shelter story re-accelerated. After three months of +0.2% to +0.3% prints, shelter jumped to +0.6%, with OER and rent both at +0.5% and lodging away from home up +2.4%. It’s the main reason core moved back to +0.4% after two months at +0.2%.

Outside of shelter, the core breadth was wider than recent months. Household furnishings and operations +0.7%, personal care +0.7%, apparel +0.6%, airline fares +2.8%, education +0.2%, and recreation +0.1% all added on the services and core goods side.

Offsetting that: new vehicles -0.2%, communication -0.2%, medical care commodities -0.4%, and hospital services -0.3%. Used cars were flat after two -0.4% prints.

Food at home rose +0.7% m/m, the firmest reading in some time, led by beef +2.7%, fresh vegetables +3.9% (tomatoes +15.1%), nonalcoholic beverages +1.1%, and dairy +0.8%. Eggs ticked up +1.5% m/m but are still -39.2% y/y as the base effects from last year’s spike continue to wash through.

On the broader aggregates, all items less food, shelter and energy was +0.2% m/m and +2.3% y/y. Commodities less food and energy commodities were flat at 0.0%. Services less energy services at +0.5% m/m was worrisome for the Fed.

A reminder on the data gap: October and November 2025 CPI were not published due to the appropriations lapse, so year-over-year comparisons span an unusual reference period. BLS also rebased a number of series to December 2024 = 100 with this release.

The next CPI report, for May, is scheduled for June 10.