Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Rent up, groceries down: Inflation cooled slightly in April, but consumers still face a mixed bag

by May 17, 2024
May 17, 2024
Rent up, groceries down: Inflation cooled slightly in April, but consumers still face a mixed bag

The consumer price index, the most-watched inflation measurement put out by the U.S. government, declined slightly to 3.4% on a 12-month basis in April as price growth in the economy remained elevated.

Compared with March, prices climbed 0.3%, with rent and gasoline contributing 70% of the monthly increase, according to the Bureau of Labor Statistics. That was down from the 0.4% increase seen from February to March.

Stocks responded positively to the news, with the S&P 500 hitting an all-time high and the Dow Jones and NASDAQ indexes also moving upward.

Indeed, some silver linings exist within the data that signal consumers are experiencing some relief in certain categories.

The latest data ‘means the disinflationary process is back on track,’ Adam Crisafulli, a market analyst and head of Vital Knowledge Media, said in a note to clients following Wednesday morning’s report. ‘Meanwhile, rent is still running quite hot, which means non-rent prices are easing even more than it seems on the headline.”

Among the broadest categories tracked by the consumer price index, two of the ones most acutely felt by consumers — food and energy prices — hit 2.2% and 2.6% on a 12-month basis in March, respectively.

That’s essentially in line with the Federal Reserve’s 2% goal.

Within those categories, food at home — essentially, groceries — climbed just 1.1%, while gasoline prices climbed 1.2%.

On a monthly basis, food-at-home prices declined 0.2%, and overall food-price growth was flat.

‘Food is a notable bright spot,’ Neil Dutta, head of economic research at Renaissance Macro Research, said in an interview ahead of Wednesday’s report.

In spite of those positive trends, progress in reducing overall costs has stalled. Economists generally agree it’s mostly because the cost of rent has remained elevated, though there remains disagreement about how soon slowing rent growth will start to appear in the index.

Even as the Fed and other economists have preached patience, the upshot has been an index that has remained stuck from 3% to 4%, above the Fed’s 2% target, for more than a year.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
McDonald’s $5 value meal is coming in June — and staying for just a month
next post
John Feneck: Gold, Silver, Copper, Uranium — 10 Stocks I’m Watching Now

Related Posts

Cruise CEO Kyle Vogt resigns from GM-owned robotaxi...

November 22, 2023

Dow rallies more than 500 points to record,...

December 14, 2023

Peacock raising prices by $2 ahead of the...

April 30, 2024

Tiger Woods unveils new lifestyle brand and clothing...

February 14, 2024

Walmart to open or expand more than 150...

February 2, 2024

Cargo thieves are attacking the U.S. supply chain...

May 11, 2025

More than $1 billion in federal tax refunds...

April 2, 2024

IRS has collected more than $520M in back...

January 13, 2024

Cyberattack cost MGM Resorts about $100 million, Las...

October 9, 2023

Novo Nordisk to build $4.1 billion North Carolina...

June 26, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The NASDAQ 100, On The Brink Of A Breakout, Needs Help From This Group

    • Tech 5: OpenAI/Microsoft Talks Get Tense, SoftBank Floats Arizona Robotics Hub

    • Editor’s Picks: Silver Price Hits 13 Year High, Gold Takes a Breather

    • Joe Rabil’s Undercut & Rally Pattern: From DROP to POP

    • RRG Alert Tech Vaults to ‘Leading’—Is XLK Signaling a New Rally?

    • Coelacanth Energy

    Categories

    • Business (1,259)
    • Investing (2,585)
    • Politics (3,699)
    • Stocks (1,670)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved