US inflation stands at 4.9% YoY in April

MG News | May 10, 2023 at 05:30 PM GMT+05:00

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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.

US Inflation Historic Data
Year	Month	CPI YoY
2023	April (latest)	4.9%
2023	March	5.0%
2023	Feb	6.0%
2023	Jan	6.4%
2022	Dec	6.5%
2022	Nov	7.1%
2022	Oct	7.7%
2022	Sep	8.2%
2022	Aug	8.3%
2022	July	8.5%
2022	June	9.1%
2022	May	8.6%
2022	April	8.3%
2022	March	8.5%
2022	Feb	7.9%
2022	Jan	7.5%

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