Consumer prices in April showed inflation pressures remain elevated in the U.S. economy, while headline prices rose at the slowest annual rate since the period ending April 2021.
According to the latest data from the Bureau of Labor Statistics released Wednesday morning, the Consumer Price Index revealed headline inflation rose 0.4% over last month and 4.9% over the prior year in April. Prices in March rose 0.1% on a monthly basis and 5% from the prior year.
Economists had expected prices in April to rise 0.4% month-over-month and 5% over last year, according to data from Bloomberg. The 4.9% annual increase, although cooler than March’s gain, is still significantly above the Federal Reserve’s 2% target.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in March climbed 0.4% over the prior month and 5.5% over last year. Both measures were in line with economist expectations, according to Bloomberg data.
Click here to read the rest of the report from Alexandra Canal at Yahoo Finance.
