Here’s the inflation breakdown for April 2023 — in one chart
A shopper in Greenville, New York, on April 30, 2023.
Robert Nickelsberg | Getty Images News | Getty Images
Since the CPI reading was a positive number in April, it means consumers didn’t see prices falling, in a broad sense. But it shows that the rate at which they’re rising has slowed significantly from the 9.1% peak in June 2022.
Policymakers aim to keep inflation at about 2% a year. It may take another year or so to reach that target, but “we’re definitively headed in that direction,” Zandi said.
Where consumers saw prices fall in April
Consumers saw average prices decline outright in April in certain categories.
Grocery prices, for example, retreated by 0.2% during the month, following a 0.3% decrease in March — a trend that should continue as supply chains continue to normalize, as do costs for labor and diesel (a key input for transportation from farm to shelf), economists said.
Monthly prices also declined for airline fares, new cars, hotels, and household energy (like electricity, fuel oil and utility gas service), among others.
Where consumers saw prices rise in April
On the flip side, notable increases in monthly prices occurred in categories like shelter, used cars and trucks, motor vehicle insurance, recreation and personal care, according to the BLS.
Gasoline prices also jumped 3% in April relative to March, though are down 12% in the last 12 months.
Housing — the largest component of the average household’s budget — was the largest contributor to inflation in April, the BLS said. Shelter costs rose 0.4% in April relative to the prior month, a decrease from 0.6% in March.
However, average rents have moderated or even decreased over the past six months — a trend that will soon be reflected in lower inflation readings for shelter, since those price dynamics typically take several months to feed through into federal data, economists said.
“It looks like inflation in the [shelter] category has peaked,” Andrew Hunter, senior U.S. economist at Capital Economics, said.
Overall, households are faring much better than they were months ago relative to inflation in staples like food, energy and housing, according to Zandi at Moody’s Analytics.
“Gas prices are way down from where they were a year ago.” he said. “Food prices are no longer rising quickly.
“And rents are now flat to down,” Zandi added. “Those are the key items in people’s budget and all of them feel pretty good at this point in time.”
Why inflation surged to multi-decade highs
Consumer prices began rising rapidly in early 2021 as the U.S. economy started to reopen after the pandemic-related shutdown. Americans unleashed a flurry of pent-up demand for dining out, entertainment and vacations, aided by savings amassed from government relief.
Meanwhile, the rapid economic restart snarled global supply chains, a dynamic exacerbated by Russia’s invasion of Ukraine. In other words, supply couldn’t keep up with consumers’ willingness to spend.
Inflation — which increased in economies around the world during the pandemic era — was initially siloed in categories of physical goods such as used cars and trucks. But the dynamic has morphed.
Now, it’s largely being driven by the labor market, not a shortage of physical goods, economists said.
Increasingly, we can be confident that inflation is coming back in.
Mark Zandi
chief economist of Moody’s Analytics
As the pandemic economy reopened, businesses rushed to hire workers and job openings surged to record highs. That demand tilted the job market in favor of workers, who had ample opportunities. They saw wages grow at their fastest pace in decades as employers competed to hire them.
That strong wage growth has nudged employers — especially labor-intensive service businesses — to raise their prices, economists said.
But now, “the earlier extreme levels of excess demand for workers are easing,” Hunter said.
Those labor-market dynamics should continue to put downward pressure on overall inflation.
“The trend from here is definitely looking a lot better,” Hunter said. “I think we’re finally seeing clear signs of progress.”
DHL Express has more than 10,000 eSprinter vans in its global delivery fleet, but none of those have been deployed in North America – until now, that is! The company recently added 45 new Mercedes eSprinter panel vans, and they’ve got plans for plenty more!
While Mercedes offers its eSprinters with a promised 206 mile estimated range, DHL says it’s consistently seen them exceed 240 miles in stop-and-go delivery duty, making them the longest-range battery electric vehicles in DHL’s US fleet.
This extended capacity makes them ideally suited for urban logistics while expanding their potential use in longer delivery routes. The eSprinter vans also offer the same massive cargo capacity as their diesel-powered brothers, making them efficient last-mile delivery solutions that don’t compromise on payload or operational reliability.
And, of course, the eSprinter will do all of that without the noise, vibration, and harmful carbon emissions of diesel.
“Electrifying our fleet is one of the most visible and impactful ways we are moving toward a more sustainable future,” explains Greg Hewitt, CEO of DHL Express, US. “The Mercedes-Benz eSprinter brings an extended range and proven cargo capabilities that allow us to serve our customers with zero emissions, while also advancing our global goal of more sustainable logistics. These vehicles not only strengthen our operations in major US cities but also set the stage for future electric fleet growth across the Americas.”
The 45 eSprinters will see deployment in Chicago, Indiana, and Pittsburg, and will act as a first step DHL’s global Sustainability Roadmap, which will see the company electrify 66% of its last-mile US delivery fleet (and some of its long-haul fleet operations) by 2030.
Electrek’s Take
In addition to these 45 vans, DHL is electrifying its European and Asian delivery fleets, ramping up its sustainable aviation fuel use, and even exploring electric semis, eVTOL and hybrid aircraft deliveries, and more.
In short, they’re doing the right thing – or seem to be, anyway. Whether or not that commitment to decarbonization will win them more American customers remains to be seen.
SOURCE | IMAGES: DHL, via PR Newswire.
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Enphase Energy just launched a new off-grid system that lets homeowners power their homes without a utility connection – even for extended periods. The California-based Enphase says the off-grid setup delivers a seamless way to live independently from the grid while still using solar, batteries, and a standby AC generator.
A full off-grid setup
The new system combines Enphase’s IQ Battery 5P with embedded grid-forming microinverters, IQ8 Series Microinverters with Sunlight JumpStart, and a third-party standby AC generator. The components work together to supply power to a home and automatically manage energy sources to maximize efficiency and reliability.
If the batteries are drained and the generator runs out of fuel, the Sunlight JumpStart feature can automatically recharge the batteries the next morning once the sun comes up.
The IQ Battery 5P delivers 3.84 kVA of power per 5 kWh of capacity, and systems can be scaled up to 40 kWh and 15.4 kVA. That’s enough power to start big household appliances like HVAC systems or water pumps. The IQ System Controller 3G provides the backbone, managing solar, batteries, and generator inputs to deliver up to 46 kVA of off-grid power.
Smarter control and connectivity
Each system connects to the cloud through Enphase’s IQ Combiner 5C HDK, which bundles solar interconnection, communications, and metering into one box. For homes without reliable broadband, the built-in 4G LTE Cat 4 modem keeps the system online for monitoring, firmware updates, and remote support.
Homeowners can manage everything from the Enphase App – from solar generation and battery status to generator integration and load control.
Why it matters
As grid outages become more common and homeowners look for ways to gain energy independence, off-grid systems like this are becoming more appealing.
“With the launch of our off-grid solution, we are giving homeowners a reliable path to complete energy independence,” said Nitish Mathur, Enphase’s SVP of customer experience. Enphase says over 100 homes are already operating entirely off-grid using its technology. The company plans to expand availability beyond the US in 2026.
Read more: Battery boom: 5.6 GW of US energy storage added in Q2
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Global offshore wind targets are still strong enough to triple global capacity by 2030, despite the US’s offshore wind stagnation under Trump. A new analysis from energy think tank Ember and the Global Offshore Wind Alliance (GOWA) shows that the rest of the world is charging forward, underscoring confidence in offshore wind as a cornerstone of future clean energy systems.
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