Consumer Prices Up 3.4% Through April, In Line With Estimates

[mystery-ak]

Consumer Prices Up 3.4% Through April, In Line With Estimates

John Carney 15 May 2024

The consumer price index rose 0.3 percent in April compared with the previous month. Compared with 12 months earlier, prices are up 3.4 percent, according to the Department of Labor.

Economists had forecast a 0.3 percent increase in the month-t0-month figure and a 3.4 percent rise over 12 months.

Last month, the Labor Department said the consumer price index rose 0.4 percent from the prior month and 3.5 percent compared with a year earlier.

Core inflation, which excludes food and energy, rose 0.3 percent for the month. Compared with a year ago, core inflation is up 3.6 percent, slightly less than the 3.8 percent reported in March.

The index of food was flat in April compared with the previous month and is up 2.2 percent compared with a year earlier. Grocery store prices decline 0.2 percent while restaurant prices rose 0.3 percent. Energy prices climbed 1.1 percent compared with the prior month, boosted by 2.8 percent increase in gasoline prices.

The prices of goods excluding energy fell 0.1 percent, the second consecutive monthly decline. New car prices dropped 0.4 percent and used car prices fell 1.4 percent. Car insurance prices rose 1.8 percent in April. Clothing prices rose a steep 1.2 percent.

more
https://www.breitbart.com/economy/2024/05/15/consumer-prices-up-3-4-through-april/

[mystery-ak]

Another take


Inflation fell in April for second time in 2024 in welcome news for Fed
By
Zachary Halaschak
May 15, 2024 8:32 am
.

Inflation fell a tenth of a percentage point to 3.4% for the year ending in April, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.

The decline in inflation is a welcome development for the Federal Reserve as considers when it will begin cutting interest rates. It is also helpful for President Joe Biden. The White House has been emphasizing any positive inflation data alongside the country’s robust labor market as “Bidenomics” in action.

On a month-to-month basis, inflation rose 0.3%.

“Core inflation,” which doesn’t include volatile food and energy prices, fell two tenths of a percentage point to 3.6% for the year ending in April. Overall, core inflation has generally trended down over the past 12 months, in a sign that the Fed’s tightening is starting to pay off.


more
https://www.washingtonexaminer.com/policy/finance-and-economy/3003445/inflation-fell-in-april-for-second-time-in-2024-in-welcome-news-for-fed/

[banddag]

S&P and Nasdaq beat their record highs today. Dow is about 150 pts from record high earlier this year.

Dow will be at 40,000 soon. A story today on the 'net people are taking their record profits and spending them which will help the economy.