U.S. consumer inflation continued to soar during April as spiked oil prices skewed top-line figures, while core inflation posted a modest acceleration.
Data released May 12 by the Labor Department showed that its Consumer Price Index overall figure rose 0.6% during April month-over-month and jumped 3.8% year-over-year, with the latter charting as the largest annual increase since May 2023. Those figures followed a March 0.9% monthly increase and 3.3% annual.
Meanwhile, core inflation, which removes volatile food and energy categories, increased a modest 0.4% MoM and 2.8% YoY — both 0.1 percentage point above economists’ consensus forecast.
April’s Producer Price Index figures are set to be reported May 13.
Oil & Gas Drives March Jump in March U.S. Wholesale Inventories & Sales – May 8
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Source: U.S. Bureau of Labor Statistics
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