US consumer inflation eases, price pressures remain
Consumer inflation in the United States nudged down only slightly in April, the Labor Department said on Wednesday, despite strong efforts to cool the economy and rein in price increases. The consumer price index (CPI), a key inflation gauge, rose 4.9 percent from a year ago, just a touch lower than March's five percent figure. While the latest number is a step in the right direction and marks the smallest annual rise in around two years, it remains well above pre-pandemic levels. "The index for shelter was the largest contributor to the monthly all items increase, followed by increases in the index for used cars and trucks and the index for gasoline," said the Labor Department in a statement. On a monthly basis, overall CPI rose 0.4 percent in April, picking up from a 0.1 percent rise in March. Excluding the volatile food and energy segments, consumer inflation rose 0.4 percent in April on a monthly basis, as it did in March. Analysts are closely eyeing inflation numbers as a key data point, as the Federal Reserve mulls the need for further interest rate hikes and how long to keep policy restrictive. (AFP)