US inflation stands at 4.9% YoY in April

May 10, 2023 (MLN): The U.S. consumer price index (CPI) for the month of April 2023 clocked in at 4.9% YoY, compared to 5% YoY in March, the latest data issued by the U.S. Bureau of labor statistics on Wednesday showed.

Notably, CPI in the last year, April 2022 stood at 8.3% YoY, showing that the federal reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.

However, it still remains way above the country's 2% inflation goal.

CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Meanwhile, on a sequential basis, US CPI has increased by 0.4% MoM.

Copyright Mettis Link News