The Department of Commerce reported on Thursday that annual inflation accelerated from 3.5 to 3.8 percent in April compared to March – the highest level since May 2023. Prices rose 0.4 percent over the month, compared to a 0.7 percent jump in March.
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Data shows that many things became more expensive, not just gasoline, which could pose problems for Congressional Republicans in this year’s midterm elections. Inflation also significantly exceeds the central bank’s (FED) target of 2 percent, meaning FED policymakers may decide to forgo any interest rate cuts this year. Some officials are already hinting that the next central bank move could be an interest rate increase rather than a cut.
Excluding volatile food and energy categories, so-called core inflation accelerated from 3.2 to 3.3 percent in April, the highest figure since November 2023.
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One positive sign is that core inflation rose only 0.2 percent in April compared to March.
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