US inflation slowed in April, providing a glimmer of hope for weary Americans
CNN
After a hot start to 2024, inflation cooled back down in April, providing a hint of hope for Americans worn down by elevated prices.
After a hot start to 2024, inflation cooled back down in April, providing a bit of hope for Americans worn down by elevated prices. Consumer prices were up 3.4% for the 12 months ended in April, easing from 3.5% the month before, according to the latest Consumer Price Index report released Wednesday by the Bureau of Labor Statistics. On a monthly basis, prices rose 0.3%, a slower pace of growth than the 0.4% seen in the two months prior. Economists were expecting a 0.4% monthly increase and an annual gain of 3.4%, according to FactSet consensus estimates. Rising gasoline and shelter costs accounted for more than 70% of the monthly increase in overall inflation, according to the report. While elevated housing costs and high prices at the pump continue to weigh on Americans, Wednesday’s report did provide some welcome news on another staple spending area: Grocery prices fell for the first time in a year, dropping 0.2% from March.