Consumer inflation in US sees moderate increase in April
Date
5/16/2024 3:53:31 AM
(MENAFN) Consumer inflation in the US saw a moderate uptick in April, with the annual rate rising to 3.4 percent and the monthly increase at 0.3 percent, according to data released on Wednesday. Both figures represented a slowdown compared to March, aligning closely with market expectations. Notably, this marked a notable decline from the 9.1 percent annual gain recorded in July 2022, which had been the highest since November 1981.
The consumer price index (CPI), a key metric reflecting changes in the prices of goods and services from a consumer's perspective, remained stable, in line with forecasts. While the CPI rose by 3.5 percent year-on-year in March, April's figure signaled a more tempered pace of inflation. On a monthly basis, the CPI increased by 0.3 percent, slightly below market expectations of a 0.4 percent rise, contrasting with the 0.4 percent gain observed in March.
The Bureau of Labor Statistics highlighted specific factors contributing to the CPI's movement. The index for shelter experienced growth in April, as did the index for gasoline, together accounting for over seventy percent of the monthly increase in the overall index. Meanwhile, the energy index rose by 1.1 percent over the month, while the food index remained unchanged.
Core CPI, which excludes volatile food and energy prices, also demonstrated a 0.3 percent gain in April compared to the previous month, aligning with market estimates and decelerating from the 0.4 percent increase seen in March. Annually, core CPI climbed to 3.6 percent in April, maintaining pace with market expectations and moderating from the 3.8 percent year-on-year gain in March.
In response to these inflationary trends, Leader Joe Biden emphasized combating inflation and reducing costs as his administration's foremost economic priority, as stated in a release from the White House. These efforts underscore the ongoing challenges posed by inflationary pressures and the importance of implementing measures to address them effectively.
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