US inflation accelerated in April, with the Federal Reserve’s preferred PCE measure rising 3.8% over the past year after a 3.5% increase in March. On a month-over-month basis, the PCE price index increased 0.4% in April following a 0.7% rise in March. Goods prices rose 0.7%, led by petrol pump prices up 5.5% as tensions with Iran strained global energy markets. The average gallon price reached $4.42, up from $4.17 last month. Food prices rose 0.5%, the largest monthly increase since November 2022, while housing and utility costs increased 0.6%. Consumer spending grew 0.5%, and the savings rate fell 2.6%.
"Personal consumption expenditures, the US Federal Reserve's preferred measure for assessing inflation, rose by 3.8 percent over the last year in April, following a 3.5 percent increase in March, according to the Department of Commerce's Bureau of Economic Analysis report released on Thursday."
"On a month-over-month basis, the PCE (Personal Consumption Expenditures Price Index) rose by 0.4 percent in April following a 0.7 percent increase in March. Overall, goods prices ticked up by 0.7 percent. The biggest jump was at petrol pumps, with prices rising 5.5 percent as tensions with Iran strained global energy markets."
"The average price for a gallon of petrol (3.78 litres) is $4.42, up from $4.17 this time last month, and up from $2.98 per gallon on February 28, when the US and Israel struck Iran. Food prices also rose by 0.5 percent, marking the largest monthly price increase since November 2022. Housing and utility costs jumped by 0.6 percent as well."
"More consumers are also tapping into their savings, with the savings rate falling by 2.6 percent last month. The rising inflation puts pressure on the Federal Reserve ahead of the central bank's first policy meeting under new Chair Kevin Warsh, which is slated for June 16-17. The central bank tracks PCE inflation as it tries to reach its 2 percent target."
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]