Prices in U.S. outstrip forecasts in sign of inflation persisting
BNN Bloomberg
US consumer prices rose by more than forecast in April, indicating inflation will persist at elevated levels for longer and keeping the Federal Reserve on the path of aggressive interest-rate hikes.
The core consumer price index, which excludes food and energy, increased 0.6 per cent from a month earlier and 6.2 per cent from April 2021, according to Labor Department data released Wednesday. The broader CPI rose 0.3 per cent from the prior month and 8.3 per cent on an annual basis, a slight cooling but still among the highest readings in decades.
Some of the largest contributors to the monthly increase included shelter, food, airfares and new vehicles.
The core CPI topped all estimates in a Bloomberg survey of economists, which had a median projection of 0.4 per cent. The headline gauge was seen climbing 0.2 per cent.
