Gasoline prices rose at a faster rate in April, one of the main categories putting upward pressure on consumer prices last month as overall inflation eased.
Gas prices rose 2.8% over the prior month in April, up from the 1.5% monthly increase seen in March. As oil prices have ticked higher this year, gas prices have followed.
Prices at the pump have held relatively steady in recent weeks following sharp increases resulting from refinery interruptions and higher oil prices.
On Wednesday, the national average for gasoline stood at $3.61 per gallon, down $0.02 from one month ago, according to AAA data. The average price of gas is up more than $0.40 a gallon since the start of the year.
Overall, the BLS noted that gasoline and shelter combined accounted for over 70% of the monthly increase in the Consumer Price Index (CPI), which rose 0.3% over the prior month in April. Over the prior year, gas prices rose 1.2% while the headline CPI rose 3.4%.
The energy index rose 1.1% in April, the same increase as in March. The cost of energy in April was up 2.6% from last year.
The fuel oil index increased 0.9% last month, while the cost of natural gas fell 2.9% and electricity decreased 0.1% from the prior month.
Natural gas prices (NG=F) fell in April amid a supply glut following a milder-than-expected winter. Prices have been climbing back up in recent weeks.
US crude futures have come down from their peak in April amid an unwind of geopolitical risks.
On Wednesday, West Texas Intermediate (CL=F) gained more than 1% to settle above $78 per barrel, while Brent (BZ=F) crude, the international benchmark price, settled just below $83 per barrel.
Analysts anticipate OPEC+ will extend its production cuts past June. The oil alliance is expected to meet at the beginning of next month.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Click here for the latest economic news and indicators to help inform your investing decisions.
Read the latest financial and business news from Yahoo Finance