Outside of shelter, there is really no evidence of inflationary pressures elsewhere in the April core CPI. Inflation in the health care and insurance sectors, traditional problem areas, remains under control. The medical care index rose just 0.1 percent in April and is up just 2.2 percent over the last year. Education costs also rose 0.2 percent in April and up 1.8 percent over the last year.

Even motor vehicle insurance costs, which have surpassed both education and medical care as a contributor to inflation, may be coming under control. They fell by 0.2 percent in April, although they are still up by 9.0 percent over the last year. For more, see the latest Prices Byte.