CNN —After a hot start to 2024, inflation cooled back down in April, providing a bit of hope for Americans worn down by elevated prices.
On a monthly basis, prices rose 0.3%, a slower pace of growth than the 0.4% seen in the two months prior.
Rising gasoline and shelter costs accounted for more than 70% of the monthly increase in overall inflation, according to the report.
Wednesday’s report landed mostly in line with economists’ expectations, which is a welcome turnabout from January, February and March, when CPI (and other inflation gauges) came in hot, hot, hot.
The Federal Reserve has been wanting to see meaningful process on inflation before it starts trimming back interest rates.
Persons:
Wednesday’s
Organizations:
CNN, Bureau of Labor Statistics, CPI, Federal Reserve