Economy

Inflation rose in April 2023

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Inflation rose 4.9% in April from a year ago, less than expectations

A widely followed measure of inflation rose in April, though the pace of the increase provided some hope that the cost of living will head lower later this year.

The consumer price index, which measures the cost of a broad swath of goods and services, increased 0.4% for the month, in line with the Dow Jones estimate, according to a Labor Department report Wednesday.

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The latest inflation readings are expected to show that prices are still rising

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However, that equated to an annual increase of 4.9%, slightly less than the 5% estimate and the lowest annual pace since April 2021.

Excluding volatile food and energy categories, core CPI rose 0.4% monthly and 5.5% from a year ago, both in line with expectations.

Increases in shelter, gasoline and used…



Source cnbc.com

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