Inflation up 3.4% in April, well above the Federal Reserve’s target
NY Post
The Consumer Price Index rose 3.4% in April from a year ago — easing from the previous month but still well above the Federal Reserve’s 2% target as it looks to tamp down inflation.
The latest monthly figure eased slightly from 3.5% in March to 3.4% in April, in line with economists’ forecasts, according to FactSet. So-called core inflation, which strips out volatile food and energy prices, came in at 3.6% on an annual basis as expected — its lowest reading since early last year.
Stock futures jumped ahead of the market’s open as traders appeared relieved after getting slammed by several months of surprisingly strong inflation readings this spring.
On a month-to-month basis, inflation rose 0.3% last month — slightly lower than the 0.4% forecast after advancing 0.4% in March and February, the Labor Department’s Bureau of Labor Statistics said on Wednesday.
The annual increase in consumer prices has dropped from a peak of 9.1% in June 2022, though progress has stalled. Inflation accelerated in the first quarter amid strong domestic demand after moderating for much of last year.
Last month’s slowdown was a relief after data on Tuesday showed a jump in producer prices in April.
