The Consumer Price Index for All Urban Consumers — CPI-U, the usual benchmark for inflation — rose a month-over-month seasonally adjusted 0.4% in April. On a non-adjusted year-over-year basis, it was 4.9%, the lowest figure since May 2021.

Inflation came in as expected by economists, although that doesn't necessarily help that much because the rate of reduction has slowed tremendously. Furthermore, the April polling by the Federal Reserve Bank of New York shows consumers to expect inflation to be 4.4% in a year, 2.9% in three years, and 2.6% in five. Which is to say, the Fed may not get its 2% inflation target for a long time.

Shelter again was the biggest driver of inflation, although CRE industry experts have said since the fall of 2022 that drops in apartment unit rents would show up in six months, which April marked. This could put additional attention and pressure on the multifamily industry. Increases in gasoline prices wiped out declines in other areas of energy.