US: Inflation remained hot in April – UOB By pabspiovano Inflation CPI UnitedStates Banks
Senior Economist at UOB Group Alvin Liew comments on the publication of the US inflation figures for the month of April.“Even as US CPI inflation came off its Mar highs, it was still at an elevated print of 0.3% m/m, 8.3% y/y in Apr . Core CPI inflation was also off its highs, coming in at 6.2% y/y for Apr, from 6.5% y/y in Mar but of greater concern was that on a sequential basis, core inflation rose by a faster 0.6% m/m , and above Bloomberg estimate of 0.4%.
“Goods inflation dipped sequentially for the first time since Nov 2020, coming in at -0.3% m/m, 13% y/y in Apr but the bigger worry is services inflation – a far bigger and thus more important component of CPI at 60.2% weight – which continued to accelerate, increasing by 0.8% m/m, 5.4% y/y . This is the fastest m/m increase since Jan 2001, while the y/y jump is the largest since May 1991 .
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