In April, inflation in U.S. fell to 3.4% year-on-year

11:12 - 16.05.2024

May 16, Fineko/ Consumer prices in the U.S. increased by 3.4% year-on-year in April.

ABC.AZ reports that this is evidenced by data published by the U.S. Department of Labor.

In March 2024, this figure was 3.5%, in February - 3.2%, in January - 3.1%, in December 2023 - 3.4%, in November - 3.1%. On a monthly basis, consumer prices rose by 0.3% in April compared with 0.4% in March.

In the U.S., inflation has slowed significantly since June 2022, when it reached a 40-year high of 9.1%, the U.S. Federal Reserve System (FRS), acting as the country's central bank, has not yet begun to reduce the base interest rate, which remains at 5.25-5.5% - the highest level in more than two decades. Experts believe that the data of the Department of Trade on inflation, most likely, will not allow the financial regulator to lower the rate this year. The Fed is seeking to reduce inflation to its 2% target. Sustained high inflation is also a serious problem for Democrat U.S. President Joe Biden and his fellow party members ahead of the November general election.