CPI Report: Annual Inflation Rate Comes In At 3.8% In April, Highest Since 2023

U.S. consumer prices rose in line with expectations in April, according to the Consumer Price Index (CPI) report released on Tuesday.

According to data from the Bureau of Labor Statistics (BLS), on a seasonally adjusted basis, CPI rose 0.6% in April, after rising 0.9% in March.

This pushed the annual inflation rate to 3.8% before seasonal adjustment, driven by higher energy prices and marking the highest level since May 2023.

Core CPI, which excludes food and energy, showed a 0.4% increase in April, higher than a Dow Jones estimate of 0.3%, according to MarketWatch data.

On an annual basis, the core CPI stood at 2.8%, above Wall Street expectations. The headline and core inflation are still above the Federal Reserve’s long-term target of 2%.

Source: Bureau of Labor Statistics, U.S. Department of Labor

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