The U.S. annual inflation rate slowed marginally to 8.3 percent in April, higher than the market forecast of 8.1 percent. This is the first time the consumer price index (CPI) has fallen year-over-year since August 2021.
While inflation has declined from its March peak of 8.5 percent, it remains near a 40-year high.
According to data from the Bureau of Labor Statistics (BLS), the core inflation rate, which excludes the volatile food and energy sectors, jumped 6.2 percent, topping economists’ expectations of 6 percent. A significant increase in airline fares and hotel rates, as well as rising housing costs, pushed core inflation higher.
On a month-over-month basis, inflation rose 0.3 percent, and core inflation jumped 0.6 percent.
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