One of the common issues the PageSpeed Insights tool reports is that you should Leverage Browser Caching. We have prepared a detailed explanation what this means in our guide to optimize WordPress for speed.

If you are using an Apache server, to fix this issue all you have to do is to locate .htaccess file in the root of your WordPress installation and paste the following code snippet there at the end of the file (make a backup of the .htaccess file before doing any changes):

# ----------------------------------------------------------------------
# | Expires headers                                                    |
# ----------------------------------------------------------------------

# Serve resources with far-future expires headers.
#
# (!) If you don't control versioning with filename-based
# cache busting, you should consider lowering the cache times
# to something like one week.
#
# https://httpd.apache.org/docs/current/mod/mod_expires.html

<IfModule mod_expires.c>

    ExpiresActive on
    ExpiresDefault                                      "access plus 1 month"

  # CSS

    ExpiresByType text/css                              "access plus 1 year"


  # Data interchange

    ExpiresByType application/atom+xml                  "access plus 1 hour"
    ExpiresByType application/rdf+xml                   "access plus 1 hour"
    ExpiresByType application/rss+xml                   "access plus 1 hour"

    ExpiresByType application/json                      "access plus 0 seconds"
    ExpiresByType application/ld+json                   "access plus 0 seconds"
    ExpiresByType application/schema+json               "access plus 0 seconds"
    ExpiresByType application/vnd.geo+json              "access plus 0 seconds"
    ExpiresByType application/xml                       "access plus 0 seconds"
    ExpiresByType text/calendar                         "access plus 0 seconds"
    ExpiresByType text/xml                              "access plus 0 seconds"


  # Favicon (cannot be renamed!) and cursor images

    ExpiresByType image/vnd.microsoft.icon              "access plus 1 week"
    ExpiresByType image/x-icon                          "access plus 1 week"

  # HTML

    ExpiresByType text/html                             "access plus 0 seconds"


  # JavaScript

    ExpiresByType application/javascript                "access plus 1 year"
    ExpiresByType application/x-javascript              "access plus 1 year"
    ExpiresByType text/javascript                       "access plus 1 year"


  # Manifest files

    ExpiresByType application/manifest+json             "access plus 1 week"
    ExpiresByType application/x-web-app-manifest+json   "access plus 0 seconds"
    ExpiresByType text/cache-manifest                   "access plus 0 seconds"


  # Markdown

    ExpiresByType text/markdown                         "access plus 0 seconds"


  # Media files

    ExpiresByType audio/ogg                             "access plus 1 month"
    ExpiresByType image/bmp                             "access plus 1 month"
    ExpiresByType image/gif                             "access plus 1 month"
    ExpiresByType image/jpeg                            "access plus 1 month"
    ExpiresByType image/png                             "access plus 1 month"
    ExpiresByType image/svg+xml                         "access plus 1 month"
    ExpiresByType image/webp                            "access plus 1 month"
    ExpiresByType video/mp4                             "access plus 1 month"
    ExpiresByType video/ogg                             "access plus 1 month"
    ExpiresByType video/webm                            "access plus 1 month"


  # Web fonts

    # Collection
    ExpiresByType font/collection                       "access plus 1 month"

    # Embedded OpenType (EOT)
    ExpiresByType application/vnd.ms-fontobject         "access plus 1 month"
    ExpiresByType font/eot                              "access plus 1 month"

    # OpenType
    ExpiresByType font/opentype                         "access plus 1 month"
    ExpiresByType font/otf                              "access plus 1 month"

    # TrueType
    ExpiresByType application/x-font-ttf                "access plus 1 month"
    ExpiresByType font/ttf                              "access plus 1 month"

    # Web Open Font Format (WOFF) 1.0
    ExpiresByType application/font-woff                 "access plus 1 month"
    ExpiresByType application/x-font-woff               "access plus 1 month"
    ExpiresByType font/woff                             "access plus 1 month"

    # Web Open Font Format (WOFF) 2.0
    ExpiresByType application/font-woff2                "access plus 1 month"
    ExpiresByType font/woff2                            "access plus 1 month"


  # Other

    ExpiresByType text/x-cross-domain-policy            "access plus 1 week"

</IfModule>

The code snippet is from the HTML5 boilerplate configuration for Apache.