April inflation was tame.
Posted on May 16, 2025

Inflation for April was tame: no obvious increase from recent months. Inflation is running at about 3.0% annual rate, the same as last month.

 

I display a table and six graphs that I use to follow the trends in inflation.

 

 

Details:

 

The two most widely-reported measures of inflation are Seasonally-adjusted inflation and Core inflation.

 

Seasonally-adjusted inflation is the most widely reported measure of inflation. April inflation was in line with past months.

 

 

Core inflation excludes volatile energy and food components and was also in line with past months.

 

 

Personal Consumption Expenditures (PCE) excluding Food and Energy is the measure of inflation that the Federal Reserve Board favors. The graph shows the data ending March; data for April is issued at the end of this month. The last six aim at an annual rate of 3.0%.

 

 

== History of 12-month inflation rates ==

 

Full-year inflation measured by CPI-U shows that inflation for the last 12 months is at 2.3%.

 

 

== Producer’s Price Index ==

 

The change in producer prices will impact consumer inflation. PPI for April was negative. Inflation for the prior 12 months was 0.7%

 

 

== Services ==

 

Inflation for services was in line with prior months. The last six months average to 3.5% annual rate.

 

 

 

Conclusion: The inflation measures released this week for April in are line with recent months: we have not seen an increase due to greater tariffs. Measures aim at about 3.0% annual inflation.