The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department's Bureau of Labor Services reported Wednesday. Excluding food and energy, the key core inflation reading came in at 0.3% monthly and 3.6% on an annual basis, both as forecast. The core 12-month inflation reading was the lowest since April 2021. Futures traders raised the implied probability that the Federal Reserve would start cutting interest rates in September. That figure is adjusted for seasonality but not inflation, suggesting consumers did not keep up with the pace of price increases.

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Persons: Dow Jones Organizations: Labor Department's Bureau of Labor Services, Markets, Treasury, Federal Reserve