Consumer Price Index, April 2025

May 23, 2025

The Consumer Price Index (CPI) rose 1.7% year over year in April, down from a 2.3% increase in March. The slowdown in April was driven by lower energy prices, which fell 12.7% following a 0.3% decline in March. Excluding energy, the CPI rose 2.9% in April, following a 2.5% increase in March.

Moderating the slowdown in the CPI in April were higher prices for travel tours (+6.7%) and food purchased from stores (+3.8%).

On a monthly basis, the CPI fell 0.1% in April. On a seasonally adjusted monthly basis, the CPI was down 0.2%.

Chart 1 
The 12-month change in the Consumer Price Index (CPI) and CPI excluding energy

Chart 1: The 12-month change in the Consumer Price Index (CPI) and CPI excluding energy

Chart 2 
Transportation prices contribute the most to the slowdown in headline inflation, due largely to lower gasoline prices

Chart 2: Transportation prices contribute the most to the slowdown in headline inflation, due largely to lower gasoline prices

Energy prices fall year over year in April

Gasoline led the decline in consumer energy prices, falling 18.1% year over year in April, following a 1.6% decline in March. The price decrease in April was mainly driven by the removal of the consumer carbon price. Lower crude oil prices also contributed to the decline. Global oil demand decreased due to slowing international trade related to tariffs. In addition, supply from the Organization of the Petroleum Exporting Countries and its partners (OPEC+) increased.

Year over year, prices for natural gas fell 14.1% in April, after a 6.4% gain in March. The removal of the consumer carbon price contributed to the decline in April.

Chart 3 
Energy prices fall in April

Chart 3: Energy prices fall in April

Infographic 1 
Gasoline prices decline year over year in April

Thumbnail for Infographic 1: Gasoline prices decline year over year in April

Consumers pay more for groceries in April

In April, prices for food purchased from stores grew at a faster pace, increasing 3.8% year over year compared with 3.2% in March. Prices for food purchased from stores have been increasing at a faster rate than the all-items CPI for three consecutive months.

The largest contributors to the year-over-year acceleration in April were fresh vegetables (+3.7%), fresh or frozen beef (+16.2%), coffee and tea (+13.4%), sugar and confectionery (+8.6%) and other food preparations (+3.2%).

Prices for food purchased from restaurants also rose at a faster rate in April, increasing 3.6% year over year, following a 3.2% gain in March.

Chart 4 
Price growth accelerates in four of the seven major food components

Chart 4: Price growth accelerates in four of the seven major food components

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