The inflation rate has fallen below 5% for the first time since June 2021.
Inflation cooled slightly in April, with consumer prices rising at a 4.9% annual pace, marking the first time since June 2021 that the rate has dropped below 5%. It's also the slowest rise in two years, the Bureau of Labor Statistics said Wednesday.
"Today's report suggests that the Fed's campaign to quell inflation is working, albeit more slowly than they would like," Quincy Krosby, chief global strategist for LPL Financial, said in an email. Economists had expected annual inflation to stay flat in April and core inflation to accelerate. The surprise drop cheered investors, with stock indexes swinging from losses to gains after the CPI's release.
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