Consumer prices rose 0.4 percent in April to hit an annual increase of 4.9 percent, according to inflation data released Wednesday by the Labor Department. That’s the lowest annual inflation rate since April 2021.
The consumer price index (CPI), which measures everything consumers spend money on from rent to gasoline, showed inflation accelerating slightly in April, in line with expectations but falling on an annual basis.
Economists had been expecting prices to accelerate by 0.4 percent in April, up from 0.1 percent in March, and projected annual inflation to hold steady at a 5 percent.
Inflation has been falling somewhat steadily since the middle of last year, when prices topped out at a 9.1-percent annual increase in June.
The Federal Reserve has raised interest rates ten times in consecutive meetings since last March to bring down inflation in one of the fastest cycles of quantitative tightening on record.
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