BREAKING: Inflation unexpectedly rose to a 4.4% annual rate in April, as measured by the gauge favored by the Federal Reserve.
The rise in inflation in the personal consumption expenditures price index reported Friday morning by the Bureau of Economic Analysis is an unwelcome sign that price pressures are not yet abating in the face of the Fed’s campaign to slow price gains by hiking interest rates.Inflation is running much hotter than the central bank’s target and damaging household purchasing power. Friday’s numbers were a surprise for economists and analysts, who predicted inflation would fall for another month.
Earlier this month, the Bureau of Labor Statistics announced inflation fell slightly to 4.9% in the year ending in April in an update to the consumer price index, the lowest such rate since May 2021.
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