The consumer price index was expected to increase 3.4% from a year ago, according to the Dow Jones consensus estimate.
eased slightly in April, providing at least a bit of relief for consumers while still holding above levels that would suggest a cut in interest rates is imminent., a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department'sOn a 12-month basis, however, the CPI increased 3.4%, in line with expectations.
Markets reacted positively after the CPI release, with futures tied to major stock indexes rallying and Treasury yields tumbling. Futures traders raised the implied probability that the Federal Reserve would start cutting interest rates in September. For the inflation report, price gains on the month were driven heavily by increases in both shelter and energy.
The energy index rose 1.1% for a month and was up 2.6% on an annual basis. Food was flat and up 2.2% respectively. Used and new vehicle prices, which had contributed to the early rise in inflation during the worst of the Covid pandemic, both declined, falling 1.4% and 0.4% respectively.
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