The Consumer Price Index (CPI) fell 0.4% on a seasonally adjusted basis for April, according to a Labor Department report (link opens in PDF) released today.
This is in line with March's report of a revised 0.2% drop driven primarily by cheaper gasoline prices.
April's energy index fell 4.3%, while gasoline prices took an 8.1% dive. Excluding food and energy price fluctuations, April's index clocked in 0.1% above March's numbers.
While analysts had expected an overall index decline of 0.3%, market expectations of a 0.2% rise in prices excluding food and energy proved off-target.
April's largest gain came from a 4.4% increase in utility (piped) gas service, due primarily to recent rises in natural gas prices. Outside of energy, used cars and trucks increased 0.6% in price, while April's apparel dipped 0.3%.
In the last 12 months, the CPI has increased 1.1%, or 1.7% excluding food and energy prices.