The Consumer Price Index, the broadest measure of consumer prices, rose 4.9% annually in April, slightly below the 5% reading in March. That is down from the peak of 9.1% in June 2022, but still very high.
By the numbers:
Be smart: This is a status quo report, which, given the persistently high levels of inflation, is bad news. Particularly concerning is that core prices remain above the rate of overall inflation.
Looking ahead: The Federal Reserve is likely to pause interest rate hikes to give the rapid increase in rates time to work to bring prices down. But if core prices remain stuck around their current level, it will likely need to restart rate hikes to push it down.