U.S. inflation climbs in April to the highest level in 13 years, CPI shows

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U.S. inflation climbs in April to the highest level in 13 years, CPI shows

MarketWatch2021-05-12

Surging inflation adds new stress to U.S. economy.The numbers: Consumer prices rose sharply again in March and drove the rate of inflation to the highest level in 13 years, signaling greater stress on...

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HongZ
·2021-05-12
Wild day
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Slowdownpok
·2021-05-12
It is expected to have high inflation… stay calm
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Economists polled by Dow Jones and The Wall Street Journal had forecast a milder 0.2% advance.The rate of inflation over the past year jumped to 4.2% from 2.6% in the prior month — the highest level since 2008.The pace of inflation has surged after years of languishing at unusually low levels largely due to the rapid reopening of the U.S. economy.Businesses can’t keep up in demand, a problem exacerbated by ongoing bottlenecks in the global trading system triggered by the pandemic. Computer chips are especially in short supply and that’s held up production of new autos and other manufactured goods.Americans are also rushing to dine out, travel or go far away for vacation, activities they shied away from during the pandemic. That’s also driving up prices at popular vacation resorts and other venues where people plan to congregate.Senior Federal Reserve officials, who are supposed to protect the U.S. from high inflation, insist the increase is temporary. They contend inflation will subside by next year once the pandemic fades, most people go back to work and the global economy is largely recovered.Investors are less sure. U.S. interest rates have risen in the past six months on worries about inflation and they could go even higher.If food and gas are set aside, so-called core consumer prices rose an even stronger 0.9% in April. That pushed the yearly rate up to 3% from 1.6%, the highest level in 26 years.The core rate is closely followed by economists as a more accurate measure of underlying inflation.Big picture: Inflation has risen sharply and it’s going to stay high for a while. Businesses still can’t get many vital supplies on time or at reasonable prices and now the cost of labor is going up.Some economists contend the U.S. is on the verge of its worst bout of inflation in decades. They worry massive government stimulus is contributing to the problem and say the Fed is being too placid.The U.S. central bank is betting that what it calls “transitory” inflation will fade by next year and fall back toward its long-term goal of 2%.The economy will likely fine if the Fed is right, but if the central bank gets it wrong, all bets are off.Market reaction: The Dow Jones Industrial AverageDJIA,-1.36%and S&P 500SPX,-0.87%were set to open lower in Wednesday trades. Yields on the 10-year TreasuryTMUBMUSD10Y,1.646%were little changed after the CPI report.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":191097204,"gmtCreate":1620826696308,"gmtModify":1704348976905,"author":{"id":"3580004880073789","authorId":"3580004880073789","name":"HongZ","avatar":"https://static.tigerbbs.com/5b4110860773b024339f913150f17f80","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3580004880073789","authorIdStr":"3580004880073789"},"htmlText":"Wild day","listText":"Wild day","text":"Wild day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191097204","repostId":1173047737,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193742032,"gmtCreate":1620824225426,"gmtModify":1704348930990,"author":{"id":"3551139414186896","authorId":"3551139414186896","name":"Slowdownpok","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3551139414186896","authorIdStr":"3551139414186896"},"htmlText":"It is expected to have high inflation… stay calm","listText":"It is expected to have high inflation… stay calm","text":"It is expected to have high inflation… stay calm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193742032","repostId":1173047737,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":15,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}