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Consumer prices rose 0.4% in April, following a 0.1% increase in March, according to the U.S. Department of Labor. 

What’s up: Excluding food and energy, prices for core consumer goods rose 0.4%.

• Prices also rose in April for used cars and trucks (up 4.4%); medical care commodities (up 0.5%); shelter (up 0.4%); and apparel (up 0.3%).

What’s down: However, some numbers declined, including prices for household furnishings and supplies (down 0.4%), new vehicles (down 0.2%), transportation services (down 0.2%) and medical care services (down 0.1%).

Big picture: The Consumer Price Index has risen 4.9% in the past year, down from 5.0% in March and the slowest rate in two years.

The last word: “Overall, inflationary pressures continue to show signs of moderation—particularly on a year-over-year basis—which is encouraging, even if prices remain more elevated than preferred,” said NAM Chief Economist Chad Moutray.

• “Yet growth in core consumer inflation continues to be stubbornly high. For its part, the Federal Reserve needs to weigh both the good and the bad in these data points, keeping the federal funds rate at elevated levels to tighten monetary conditions even as it sees progress on year-over-year inflation growth.”​​​​​​