Economics
Prices in US Outstrip Forecasts in Sign of Inflation Persisting
- Core consumer price index rose 0.6%, exceeding all estimates
- April CPI driven by airfares, new vehicles, food and shelter
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US consumer prices rose by more than forecast in April, indicating inflation will persist at elevated levels for longer and keeping the Federal Reserve on the path of aggressive interest-rate hikes.
The core consumer price index, which excludes food and energy, increased 0.6% from a month earlier and 6.2% from April 2021, according to Labor Department data released Wednesday. The broader CPI rose 0.3% from the prior month and 8.3% on an annual basis, a slight cooling but still among the highest readings in decades.