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Consumer prices rose at a slower pace in April, with underlying inflation reaching its lowest level this year
U.S. consumer price increases cooled during April, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.
The Consumer Price Index (CPI) increased 0.3% month-on-month and 3.4% year-on-year in April, a slight slowdown from the previous month. 3.5% annual price gain in March and an increase of 0.4% month on month.
April’s monthly increase was lower than economists’ forecasts of a 0.4% increase. The annual price increase matched estimates, according to Bloomberg data.
On a “basic” basis, which excludes the more volatile costs of food and gas, prices in April rose 0.3% compared to the previous month and 3.6% compared to last year – cooler than data from March. Both measures met economists’ expectations.
Federal Reserve Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, May 1, 2024. (AP Photo/Susan Walsh, File) (ASSOCIATED PRESS)
Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, linkedin, and email her at alexandra.canal@yahoofinance.com.
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