President Trump touted the latest CPI as a sign that inflation is no problem
The numbers: Rising rents and the higher cost of gas in April spawned a sizable increase in inflation for the second month in a row, but price pressures more broadly appeared to pose little threat to the U.S. economy.
— Donald J. Trump May 10, 2019 Another closely watched measure of inflation that strips out food and energy rose a scant 0.1% for the third month in a row.What happened: Gas prices rose a seasonally adjusted 5.7% last month, accounting for two-thirds of the increase in overall consumer price index. The decline in apparel prices and several other key consumer goods and services appears to have cause the core CPI to be somewhat weaker than perhaps it really is — what Federal Reserve Chairman Jerome Powell referred to as a “transient” factor that could fade soon.In other words, the Fed expects inflation to remain near its 2% target. The central bank relies on another price indicator, the so-called PCE index, as its main tool to track inflation.
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