Consumer prices in the United States rose again in April, and measures of underlying inflation stayed high, a sign that further declines in inflation are likely to be slow and bumpy.
Grocery prices fell for a second straight month. And the cost of many services, including airline fares and hotel rooms, plunged. Though apartment rents rose in April, they did so more slowly than in previous months.
“This is a story of still-sticky core inflation at an elevated level,” said Blerina Uruci, chief U.S. economist for fixed income at T. Rowe Price. “This report puts the Fed on track to keep rates high this year.” Consumers and businesses continue to struggle with higher costs, and there are signs that some are responding by reining in their spending.
“People are not spending as much money,” he said. For New Year’s Eve dinner, “we did what we normally did, and we lost the holiday.”
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