Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households.
| Inflation in the United States rose at a slower rate in April but was still stronger than forecasts and has forced President Joe Biden to declare it his top domestic priority.both headline and core CPI rose 0.3 per cent and 0.6 per cent respectively in April, higher than consensus expectations of 0.2 per cent and 0.4 per cent.
The President said he was considering removing tariffs on certain Chinese imports to further lower inflationary pressures in the US. “We’re discussing that right now,” he said.But as America powers out of the COVID-19 era, it’s services not just products that are seeing big jumps in cost. Domestic travel has started booming again, reflected in the 18.6 per cent monthly gain in airline fares, a 2 per cent monthly rise in hotel prices and a 1.1 per cent gain in new vehicles.
“Firms reported that inflationary pressures were also contributing to higher wages, and that higher wages were doing little to alleviate widespread job vacancies.”Fed chairman Jerome Powell said last week that employers were having difficulties filling job openings and that “wages are rising at the fastest pace in many years”.included data on hourly pay that suggested that some wage pressures may have started to ease. Average hourly earnings increased 5.
Nationally, the price of a gallon of regular gas has reached a record $US4.40, according to AAA. Gas had fallen to about $US4.10 a gallon in April, after reaching $US4.32 in March. A barrel of US benchmark crude was up 5.6 per cent to $US105.31 a barrel in afternoon trading in New York on Wednesday.
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