"The Consumer Price Index rose by 3.8 percent in April compared to a year prior, with prices rising by 0.6 percent just from March alone. Per CNBC, this marks the highest rate since May 2023, when Joe Biden was contending with the inflation that irreversibly damaged his presidency. Excluding volatile food and energy prices, the Labor Department also reported that the core CPI rose 0.4 percent from last month and 2.8 percent over the course of the year."
"In April, energy prices increased by 3.8 percent from the previous month. The cost of groceries is up 0.7 from March and by 2.9 percent since last year, likely bolstered by the price of beef, which rose by 2.7 percent over the month. Airline fares also saw a jump in costs, rising by 2.8 percent in April. The rising price of gas is likely bleeding into the higher prices shoppers are seeing at the grocery store due to impacts on the supply chain, as the Wall Street Journal noted in a recent report."
"Gasoline prices started to spike after the United States launched joint strikes with Israel against Iran on February 28, marking the start of a monthslong conflict that has interrupted shipping in the Strait of Hormuz, which transports a fifth of the global oil supply. As of Tuesday, AAA reports that the national average for a gallon of regular gas is $4.50."
"A CNN poll released Tuesday found that 73 percent of Americans surveyed described the country's economic conditions as "poor" comp"
The Consumer Price Index increased 3.8% in April compared with a year earlier and rose 0.6% from March. Core CPI excluding food and energy increased 0.4% from the previous month and 2.8% over the year. Energy prices rose 3.8% from March, while grocery costs increased 0.7% from March and 2.9% from last year, with beef up 2.7% over the month. Airline fares rose 2.8% in April. Gasoline price spikes followed U.S. joint strikes with Israel against Iran on February 28, disrupting shipping through the Strait of Hormuz, which carries a fifth of global oil supply. AAA reported a national gas average of $4.50 per gallon.
#inflation #consumer-price-index #grocery-and-energy-prices #us-iran-conflict #gasoline-and-oil-supply
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