The U.S. Labor Department released its consumer inflation report on Thursday morning. The Consumer Price Index (CPI) is the key measurement of inflation at the retail level, and it is likely to be monitored closely due to two elevated Producer Price Index reports in a row. April’s headline CPI reading was up by 0.3%, and the core CPI (ex-food and energy) rose by only 0.2% in April.

Bloomberg had estimates of 0.3% for the headline CPI reading and a 0.1% consensus for the core CPI reading.

This is the second reading in a row that is positive, but this is still far short of the Federal Reserve’s 2.0% to 2.5% threshold or target. If the Producer Price Index remains elevated in May, chances will increase that inflation has to start creeping in on the consumer level.

It is also no secret that food prices have been rising, in some cases off the charts. Crude oil also remains above the $101 mark, and that means higher prices than a base level for consumers at the pump.

READ MORE: The 10 Fastest Rising Food Prices

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