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Diane Swonk reports that the Consumer Price Index (CPI) increased by 0.6 percent in April, following a 0.9 percent rise in March. This marks the fastest two-month increase since May and June of 2022.
According to Swonk, the index surged 3.7 percent compared to a year ago, which slightly outpaced wage gains for the month and represents the highest annual pace since May 2023. Weekly earnings were also supported by a minor uptick.
Earlier this year, Swonk noted that government shutdowns compromised the accuracy of October CPI data, with subsequent reports reflecting updated inputs for home ownership (details). She has also reported on economic risks from Middle East conflicts, citing supply chain disruptions affecting U.S. and global markets (background). These events have contributed to shifting conditions tracked in monthly inflation readings.