The Labor Department announced on Friday the U.S. consumer price index (CPI) rose 0.3 percent m-o-m in April after a 0.4 percent m-o-m gain in March. 

Over the last 12 months, the CPI rose 2.0 percent y-o-y last month, following a 1.9 percent m-o-m advance in the 12 months through March. That was the highest rate since November 2018.

Economists had forecast the CPI to increase 0.4 percent m-o-m and 2.1 percent y-o-y in the 12-month period.

According to the report, the gasoline index continued to increase, rising 5.7 percent m-o-m and accounting for over two-thirds of the seasonally adjusted all items monthly gain. The index for energy rose 2.9 percent m-o-m, although the index for natural gas declined by 0.8 percent m-o-m and the index for electricity was flat m-o-m. Meanwhile, the food index fell by 0.1 percent m-o-m in April, its first monthly decline since June 2017. 

The core CPI excluding volatile food and fuel costs edged up 0.1 percent m-o-m in April, the same increase as in the previous month.

In the 12 months through April, the core CPI rose 2.1 percent after a 2.0 percent increase for the 12 months ending March.

Economists had forecast the core CPI to rise 0.2 percent m-o-m and 2.1 percent y-o-y last month.