Despite a Slight Dip, US Inflation Remains High in April 2022

Economics & Macro

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Viva Budy Kusnandar 13/05/2022 16:40 WIB

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U.S. inflation in April 2022 saw a slight decrease compared to the previous month. However, U.S. inflation remains at a high level.

U.S. Inflation Rate (January 2021-April 2022)

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Despite a Slight Dip, US Inflation Remains High in April 2022

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U.S. Inflation Rate (January 2021-April 2022)

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After being hit by the Covid-19 pandemic, the United States (US) economy is now facing the challenge of a wave of inflation due to rising energy and food commodity prices.

The US Bureau of Labor Statistics reported that the US experienced inflation of 0.3% in April 2022 compared to the previous month (month-to-month/m-to-m).

Compared to April 2021, US general inflation in April 2022 reached 8.3% (year-on-year/yoy).

Annually (yoy), inflation decreased slightly compared to March 2022, which reached 8.5% (yoy). However, US inflation remains at a high level.

Food inflation in the US in April 2022 was 0.9% (m-to-m) or 9.4% (yoy). Energy commodities experienced a monthly deflation of 2.7% (m-to-m), but annually there was still inflation of 30.3% (yoy).

US core inflation in April 2022 was 0.6% (m-to-m) or 6.2% (yoy). This excludes food and energy, which saw inflation of 0.2% (m-to-m) or 9.7% (yoy).

The still-high US inflation has led to speculation that the US central bank (The Federal Reserve/The Fed) will aggressively raise its benchmark interest rate again.

Previously, The Fed raised its benchmark interest rate by 50 basis points (bps) to 1% on May 4, 2022. This increase was the largest in the last two decades.

The fate of the benchmark interest rate will then be determined again at the next meeting of the Federal Reserve Board of Governors, scheduled for June 14-15 and July 26-27, 2022.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."