The United States' inflation rate is at 4.9% in April 2023, the smallest year-on-year rise since April 2021.
In the 12 months through April, the CPI increased 4.9%. That was the smallest year-on-year rise since April 2021 and followed a 5% advance in March., posting its biggest increase since November 1981, and is subsiding as last year’s initial surge in energy prices following Russia’s invasion of Ukraine drops out of the calculation.
Stocks on Wall Street gained amid relief that the inflation readings did not exceed expectations. The dollar fell against a basket of currencies. US Treasury prices rose.last Friday, May 5, which showed an acceleration in job and wage growth in April as well as the unemployment rate falling back to a 53-year low of 3.4%. It is one of two inflation reports that Fed officials will have in hand at their June 13-14 policy meeting.by another 25 basis points to the 5%-5.
The monthly core CPI was lifted by prices of used cars and trucks, which increased 4.4%, the first gain since last June. This boosted core goods prices 0.6%, the most since mid-2022, after rising 0.2% in March. The government reported last week that the rental vacancy rate increased to a two-year high in the first quarter. Also, independent measures have been showing rents on a downward trend and rent measures in the CPI tend to lag the independent gauges.
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