US inflation stands at 4.9% YoY in April

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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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