politics
Inflation spikes to 3.8 percent in April, higher than expected
Key takeaways
- The consumer price index (CPI), a popular gauge of inflation, rose 3.8 percent over the past 12 months and 0.6 percent in April alone, according to the new Labor Department data.
- Economists expected the annual inflation rate to rise to 3.7 percent, according to consensus estimates, after hitting 3.3 percent in March.
- Energy prices rose 3.8 percent last month alone as the war in Iran chokes off the global supply of oil through the Strait of Hormuz, drastically raising the cost of accessible crude and other products derived from it.
Why this matters: political developments that affect policy direction and public trust.
The consumer price index (CPI), a popular gauge of inflation, rose 3.8 percent over the past 12 months and 0.6 percent in April alone, according to the new Labor Department data.
Economists expected the annual inflation rate to rise to 3.7 percent, according to consensus estimates, after hitting 3.3 percent in March.
Energy prices rose 3.8 percent last month alone as the war in Iran chokes off the global supply of oil through the Strait of Hormuz, drastically raising the cost of accessible crude and other products derived from it. Food prices were up 0.5 percent in April.
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