Prices rose at slightly slower rate in April, new data shows
by Sylvan Lane - 05/27/22 8:38 AM ET
Consumer prices grew at slower yearly and monthly rates in April, according to data released Friday by the Bureau of Economic Analysis.
The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, rose 6.3 percent in the 12 months ending in April, down from a 6.6 percent annual inflation rate in March.
The index rose 0.2 percent in April alone, well below the 0.9 percent monthly gain from March.
Without food and energy prices, which tend to be more volatile, the PCE price index rose 4.9 percent annually in April and 0.3 percent between March and April. The data was largely in line with economists’ expectations.
Inflation may have reached its peak earlier in the year as rising interest rates, shifting consumer spending habits and deepening concern about the global economy begin to weigh on price growth. Even so, the annual inflation rate remains close to four-decade highs and well above the Fed’s ideal level of 2 percent annual price growth.
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https://thehill.com/policy/finance/3503759-prices-rose-6-3-percent-annually-in-april-per-feds-inflation-gauge/
