Inflation accelerated again in April, the Labor Department reported on Wednesday, with the consumer price index rising by 8.3%, much higher than economists expected.
on Wednesday, with the consumer price index rising by 8.3%. While that's down a bit from the 41-year high notched in March, it was much higher than economists expected and underscores that inflationary pressures in the economy remain strong.Sweet came up with that figure by comparing prices for goods and services in April versus how much households would have paid for those same items when inflation was 2.1%, the average in 2018 and 2019.
The inflation spike has created a political headache for President Biden, who has seen his approval rating plunge as consumer prices rise. It has also forced the Federal Reserve to embark on the most ambitious policy tightening mission in decades: Policymakers raised the benchmark interest rate by 50 basis points in May for the first time since 2000, and have signaled that similarly sized hikes are on the table at coming meetings as they seek to tame inflation.
"Inflation is much too high, and we understand the hardship it is causing, and we are moving expeditiously to bring it back down," Fed Chairman Jerome Powell told reporters last week. "Assuming that economic and financial conditions evolve in line with expectations, there is a broad sense on the committee that additional 50 basis point increases should be on the table at the next couple of meetings.
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