3 quick things as inflation jumps to its highest since 2023 : NPR
NPR • • general
Key Points:
- U.S. inflation reached its highest level in nearly three years in April, with consumer prices rising 3.8% year-over-year and 0.6% from March to April, driven largely by the conflict with Iran.
- Gasoline prices surged due to disruptions in the Strait of Hormuz, contributing 40% of the monthly increase in the consumer price index, with the average price of regular gas rising to $2.50 per gallon.
- Higher energy costs have caused spillover effects, including a 2.8% increase in airfares last month and significant rises in diesel fuel prices, potentially pushing up transportation and delivery costs.
- Housing costs also increased by 0.6% between March and April, partly due to a statistical adjustment following the six-week government shutdown last fall, which temporarily suppressed housing inflation figures.
- Excluding volatile food and energy prices, core inflation stood at 2.8% in April, indicating persistent underlying inflationary pressures.