April inflation breakdown: Where are prices still rising the fastest?

foxbusiness.com:

A 'Mornings with Maria' panel discusses the U.S. economy and markets after the January year-over-year CPI comes in at 3.1%.

Inflation fell slightly in April, but a spike in the cost of rent and gasoline kept prices painfully high for millions of Americans.

The Labor Department said Wednesday that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.3% in April from the previous month. Economists expected to see a 0.4% monthly increase. Prices climbed 3.4% from the same time last year, down from the 3.5% reading in March.

«We’ve been saying for a long time now that inflation is remaining stubbornly elevated, and this report provides additional evidence that consumers are increasingly pessimistic that inflation is coming down soon,» said Lisa Sturtevant, Bright MLS chief economist. «While consumers are facing higher prices at the pump, high housing costs also continue to be a main driver of the overall inflation numbers.»

Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.

INFLATION INCREASES 3.4% IN APRIL AS PRICES REMAIN ELEVATED

Housing costs were once again one of the biggest drivers of inflation last month. Rent costs rose 0.4% for the month and are up 5.6% from the same time last year. 

A «for rent» sign is posted in front of a home in Miami on Dec. 12, 2023. (Joe Raedle/Getty Images / Getty Images)

Rising rents are concerning because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home also climbed by 0.4% from the previous month.