Gasoline Prices Fall in April
Consistent with the primary themes of the April import price index and PPI reports, headline consumer inflation, as measured by the CPI, fell for the second straight month in April, declining 0.4 percent. Similar to March’s performance, gasoline prices proved to be a dominant factor in April, as the gasoline index dropped 8.1 percent following a 4.4 percent decline in March. Indeed, sluggish global demand has pressured commodity prices across the board in recent months, as retail gasoline prices in particular have fallen in four of the past five months. Elsewhere in the energy component, natural gas and electricity rose, up 4.4 percent and 0.5 percent, respectively.
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