Washington, May 10 (AFP/APP): Consumer inflation in the United States nudged down only slightly in April, the Labor Department said on Wednesday, despite strong efforts to cool the economy and rein in price increases.
The latest number signals that price pressures remain, although it marks a step in the right direction and the smallest annual rise in two years.
The rate remains well above pre-pandemic levels, and analysts are closely eyeing inflation numbers as the Federal Reserve mulls the need for further interest rate hikes and how long to keep policy restrictive.
The consumer price index (CPI), a key inflation gauge, rose 4.9 percent from a year ago, just a touch lower than March’s 5.0 percent figure.
“The index for shelter was the largest contributor to the monthly all items increase, followed by increases in the index for used cars and trucks and the index for gasoline,” said the Labor Department in a statement.
On a monthly basis, overall CPI rose 0.4 percent in April, picking up from a 0.1 percent rise in March.
Excluding the volatile food and energy segments, consumer inflation rose 0.4 percent in April from a month ago, as it did in March.
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