News and Opinion: May 11, 2022. The Consumer Price Index (CPI) rose 8.3% in the US in the last 12 months

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The Consumer Price Index (CPI) rose 8.3% in the US between May 1 2021 and April 30 2022 (12 months) as this publication of the Bureau of Labor Statistics shows. The CPI annual increase showed some slowing down. In April, the CPI increased 0.3%. This represents a deceleration of the month to month inflation compared to March 2022

The main contributors of the increase were used autos and energy as in the previous month. The price of used cars grew 22.7% and the price of energy increased 30.3% in the past 12 months and within this increase, gasoline increased 43.6 % and fuel oil 80.5% .

Regarding the month to month CPI increase, it showed a decrease from 1.2% to 0.3%. This could be deceiving because the energy prices have spiked back again, so the inflation rate is expected to increase next month.

Previous posts regarding the inflation rate

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.


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