US CPI Jumps 0.6% in April, Fueling Inflation Concerns

The Bureau of Labor Statistics reports the Consumer Price Index rose 0.6% in April, topping expectations and pushing the year-over-year rate to 3.8% - the highest since May 2023. That annual rate climbed from 3.3% in March.

Energy prices surged 3.8% month-over-month, accounting for more than 40% of the total increase. Shelter costs continued their stubborn climb, while food saw moderate gains.

Core CPI, excluding food and energy, rose 0.4% for the month, standing at 2.8% year-over-year.

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