US inflation data released

Wednesday, May 15, 2024 - 12:55
Point Trader Group

The Consumer Price Index, a broad measure of the costs of goods and services, rose 0.3% in April and 3.4% from a year ago, the U.S. Department of Labor's Bureau of Labor Statistics reported Wednesday. The annual increase was in line with expectations, but the monthly rate was slightly lower than experts' expectations of 0.4%.

Excluding volatile food and energy prices, the core CPI rose 0.3% month-on-month in April and rose 3.6% year-on-year.

Markets reacted to the release of inflation data in the United States, as global gold prices moved higher in conjunction with a significant decline in the dollar index.

Inflation data details

The headline CPI on an annual basis for April recorded an increase of about 3.4% according to expectations, and the previous reading had recorded 3.5%.

On a monthly basis, the main inflation measure rose by 0.3% in April, less than experts’ expectations of 0.4%, while the reading recorded in March was 0.4%.

While the core consumer price index (excluding food and energy) recorded an annual rate of 3.6% in April, while the March reading recorded an increase of 3.8%. On a monthly basis, it recorded 0.3% in February, and the March reading recorded an increase of about 0.4%.

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