May 21, 2024 06:34 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Sambit Patra triggers row calling Lord Jagannath 'Modi bhakt', later clarifies as 'slip of tongue' | AAP claims conspiracy after ED says it got illegal foreign funds | Amitabh and Jaya Bachchan walk out hand-in-hand after casting their votes in Lok Sabha polls | 57.5 pct voting recorded in Phase 5 of LS polls; top politicians including Smriti Irani, Rahul Gandhi in fray | CCTV footage shows Pune teen drinking at bar before Porsche accident that killed 2
US inflation eases, grows by 0.3% in April, core CPI also cools
Photo Courtesy: Unsplash

US inflation eases, grows by 0.3% in April, core CPI also cools

| @indiablooms | 15 May 2024, 11:25 pm

Washington: US inflation showed signs of easing as the growth was less than anticipated, indicating a continuation of its downward trajectory at the beginning of the second quarter.

Data released by the Labor Department's Bureau of Labor Statistics on May 15 revealed that the US consumer price index (CPI) rose by 0.3 percent sequentially.

This has bolstered analysts' expectations about a rate cut by the US Fed in September.

The core CPI, which excludes food and energy costs, also rose by 0.3 percent in April, breaking a three-month trend of higher-than-expected readings that had raised concerns about persistent inflation in the world's largest economy.

Over the past three months, the core CPI increased at an annualized rate of 4.1 percent, the slowest pace since the beginning of the year.

In the 12 months through April, the overall CPI rose by 3.4 percent year-on-year, compared to a 3.5 percent rise in March 2024.

Although the annual increase in consumer prices has declined from its peak of 9.1 percent in June 2022, the upward trend has stalled in recent months.

Shelter prices, the largest category in services, increased by 0.4 percent for the third consecutive month.

Owners’ equivalent rent, a subset of shelter and the largest individual component of the CPI, also rose by a similar amount.

Strong housing costs are a significant factor contributing to the persistence of inflation not only in the US but also in many other developed economies.

Meanwhile, food prices at supermarkets decreased by 0.2 percent, with reductions in the prices of eggs, meat, poultry, fish, fruits, vegetables, and non-alcoholic beverages.

However, the cost of cereals and bakery products increased, while prices for dairy and related products saw a marginal rise.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.