Topic: U.S. CPI in April shows cooling inflation boosts expectations for September interest rate cuts
Although overall consumer price increases in the United States slowed down in Aprildailyfreespinscasino, but inflation in four major metropolitan areas rose to its highest level in a year or more.
According to data released Wednesday by the U.S. Bureau of Labor StatisticsdailyfreespinscasinoIn April, CPI in Philadelphia rose by 4.4% year-on-yeardailyfreespinscasino.1, St. Louis rose 4%, New York and San Francisco both rose 3%.dailyfreespinscasino.8%, which is higher than the national average.
The factors driving price increases vary among these metropolitan areas, but overall, energy and housing costs are the main reasons for consumer price increases in New York, San Francisco and Philadelphia.
Consumer price increases in Detroit also accelerated in April, indicating that inflation is accelerating in the largest cities in Michigan and Pennsylvania, two swing states critical to the 2024 presidential election, and voters 'perceptions of the economy and the cost of living are having a significant impact on the election.
Food and beverages were also a driving factor in rising inflation in New York and St. Louis, while clothing prices jumped in San Francisco.
Phoenix, the largest city in swing state Arizona, was once an inflation hotspot, with the lowest year-on-year increase of 2.6%, among the cities that released April inflation data.
Overall, the year-on-year increase in U.S. CPI slowed slightly to 3.4% in April. Core inflation measures that exclude food and energy also fell, a small step in the right direction for Fed officials seeking to start cutting rates this year.