Price pressures intensified further in April as the energy shock from the Strait of Hormuz blockade reverberated across the Consumer Price Index basket.
The headline inflation rate climbed from 3.3% year-over-year in March to 3.8% in April, topping economist expectations of 3.7%, the Bureau of Labor Statistics reported Tuesday.
The outcome marks the hottest reading since May 2023 and effectively shuts the door on any near-term Fed rate cut hopes.
On a monthly basis, prices rose 0.6%, matching the 0.6% consensus after March's 0.9% print.
Stripping out food and energy, core inflation ticked higher to 2.8% from 2.6%, topping the 2.7% forecast. Underlying month-over-month pressures rose 0.4%, accelerating from the prior 0.2% against a 0.3% consensus.
This is a developing story…
