US inflation slowed in April after seven months of steady gains, according to new Labor Department figures
US President Joe Biden has this week acknowledged the pain that high inflation is causing for Americans, promising that bringing prices down is his"top priority".
Neil Wilson, chief market analyst for Markets.com, described the US CPI as"broadening and not peaking", adding that"there are signs that there are more areas contributing to the rise...which is bad for taming inflation". Rochelle Vaz, associate at Global Capital Markets at Validus Risk Management, said:"While CPI seems to have peaked in March largely due to a softening in oil prices, inflation is still uncomfortably high and high inflation expectations are firmly embedded.
Wall Street's main indexes opened lower following the inflation figures - the Dow Jones Industrial Average fell 0.12%, the S&P 500 opened lower by 0.27%, while the Nasdaq Composite dropped 0.78%.
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