U.S. consumer price inflation cools to lowest annual rate in two years in April
The numbers: U.S. consumer prices rose 0.4 % in April, up from a 0.1% gain in the prior month, the Labor Department said Wednesday.
However, over the past 12 months, consumer inflation increased 4.9% and that’s down from a 5% year-on-year increase in March and also down from a 9.1% rate last summer, which was the fastest pace since 1981. Key details: Shelter costs saw the largest increase in headline inflation but they are coming down. The 0.4% gain in shelter in April was the lowest in a year.The core rate gain was also boosted by car insurance and recreation.The CPI data is expected to play a big role in whether the Federal Reserve hikes interest rates again in June though markets are expecting no change in rates.
Fed officials still believe inflation is too high. They don’t think inflation will return to the 2% target for a few years.
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