US inflation surged to 3.8% in April, its highest level in nearly three years
Energy costs drove more than 40% of April’s increase, while core prices rose 0.4%, suggesting broader inflation pressure has not spread widely yet.
- The Bureau of Labor Statistics reported Tuesday that inflation rose 3.8% annually in April, with prices increasing 0.6% between March and April, exceeding the Dow Jones consensus by 0.1 percentage point.
- Fighting in the Middle East has snarled tanker traffic in the Strait of Hormuz, pushing inflation to its highest level in almost three years as energy costs surged across the economy.
- Energy prices accounted for 40% of the monthly increase, while air fares jumped 2.8% as Americans faced higher travel costs.
- President Trump announced on Monday that his administration would suspend the federal gas tax—18.4 cents per gallon for regular gas and 24.4 cents for diesel—"for a period of time."
- Mark Zandi, chief economist at Moody Analytics, expects inflation to accelerate through the summer before falling to 3.3% by year-end, as higher energy costs ripple through groceries and manufactured goods.
345 Articles
345 Articles
Inflation accelerated sharply in the United States, to 3.8% year-on-year in April, reflecting the boom in pump prices due to the war in the Middle East, but also a sharp rise in food racing.
Forget Eggs. Tomato Prices Swell as Inflation Hits Three-Year High
You say “to-may-to,” I say “to-mah-to,” Kevin Warsh says “higher for longer?” Tomatoes have become the new eggs, meaning orange is the new yellow when it comes to surging prices in the grocery aisle. Prices for the fruits (or vegetables — it’s not a debate we’re wading into here) soared nearly 40% in April from a year ago, according to the latest figures from the Bureau of Labor Statistics. Cold temperatures in Florida, poor weather and diseases…
Asia markets falter as hot US inflation, shaky Iran ceasefire weigh
SINGAPORE – Stocks started the Asian session on the back foot on Wednesday, May 13, with talks between Washington and Tehran at a standstill as hotter-than-expected US inflation underscored the growing economic toll of the Middle East conflict. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.6%, down for a second day as South Korean shares fell as much as 3.2% before rebounding. The South Korean market has been on a tear in …
Inflation could stay high for rest of year, economist warns
The latest inflation report shows price increases for American consumers in April hit a three-year high, driven by a spike in the cost of gasoline. The Consumer Price Index, which includes energy and food costs, rose 3.8% year-over-year, according to the Labor Department. Geoff Bennett discussed more with Heather Long, Chief Economist at Navy Federal Credit Union.
Coverage Details
Bias Distribution
- 57% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
