CPI Rises to 3.8% in April as War Boosts Energy Costs
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- Consumer Price Index rose 3.8% year‑over‑year in April, up from a 2.4% annual increase before the Iran conflict and 3.3% in March.
- Energy prices climbed 3.8% month‑over‑month in April, pushing gasoline above $4.50 per gallon and nearly doubling diesel.
- Core CPI (excluding food and energy) increased 2.8% year‑over‑year in April, up from 2.6% in March.
- Cleveland Fed survey of chief executives found they expect inflation to average 3.7% over the next year, the highest forecast since last April.
- Supreme Court overturning a subset of tariffs left the average overall tariff rate at roughly 11%, according to the Yale Budget Lab.
Why it matters: American consumers face higher fuel and grocery bills as CPI climbs 3.8% in April, eroding real wages and prompting the Fed to keep a tighter monetary stance.
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