Inflation eased to 4-year low
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Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.
The U.S. Federal Reserve in May warned that America is facing an increased risk of stagflation. Inflation data for April somewhat assuages that fear.
The April consumer price index, a key gauge of U.S. inflation, came in slightly lower than economists expected at 2.3% in April, but was still higher than the Federal Reserve's 2% goal. CBS News MoneyWatch correspondent Kelly O'Grady has more.
The drop in factory gate inflation for April comes a day after India’s retail inflation also moderated to a nearly six-year low of 3.16 per cent, aided by a double-digit fall in vegetable prices and the steepest decline in pulses prices in over six years.
Spain's European Union-harmonised 12-month inflation rate remained at 2.2% in April from the period through March, final data released by the National Statistics Institute, or INE, showed on Wednesday.
Inflation slowed to the lowest point in four years last month, but progress in reining it in will likely end there as higher tariffs start to push up the cost of consumer goods. The consumer price index climbed 2.
The crypto market stood at $3.4 trillion as the Consumer Price Index (CPI) in April stood at 2.3% over the last 12 months, the Bureau of Labor Statistics reported on May 13. The Federal Reserve has set an inflation target of 2%. As per Kraken's price feed, Bitcoin was trading at $103,587 at press time.