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US inflation eases, grows by 0.3% in April, core CPI also cools

| @indiablooms | May 16, 2024, at 04:55 am

Washington: US inflation showed signs of easing as the growth was less than anticipated, indicating a continuation of its downward trajectory at the beginning of the second quarter.

Data released by the Labor Department's Bureau of Labor Statistics on May 15 revealed that the US consumer price index (CPI) rose by 0.3 percent sequentially.

This has bolstered analysts' expectations about a rate cut by the US Fed in September.

The core CPI, which excludes food and energy costs, also rose by 0.3 percent in April, breaking a three-month trend of higher-than-expected readings that had raised concerns about persistent inflation in the world's largest economy.

Over the past three months, the core CPI increased at an annualized rate of 4.1 percent, the slowest pace since the beginning of the year.

In the 12 months through April, the overall CPI rose by 3.4 percent year-on-year, compared to a 3.5 percent rise in March 2024.

Although the annual increase in consumer prices has declined from its peak of 9.1 percent in June 2022, the upward trend has stalled in recent months.

Shelter prices, the largest category in services, increased by 0.4 percent for the third consecutive month.

Owners’ equivalent rent, a subset of shelter and the largest individual component of the CPI, also rose by a similar amount.

Strong housing costs are a significant factor contributing to the persistence of inflation not only in the US but also in many other developed economies.

Meanwhile, food prices at supermarkets decreased by 0.2 percent, with reductions in the prices of eggs, meat, poultry, fish, fruits, vegetables, and non-alcoholic beverages.

However, the cost of cereals and bakery products increased, while prices for dairy and related products saw a marginal rise.

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