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Nick Timiraos, chief economics correspondent at Wall Street Journal, reports that based on recent CPI and PPI data, forecasters expect the core personal consumption expenditures (PCE) index to have risen 0.28% in April.
This increase would bring the 12-month rate to 3.3%, the highest since November 2023. The 6-month annualized rate is projected to reach 3.8%, marking a 3-year high.
Earlier this month, Timiraos reported that core CPI rose 0.376 percent in April, with the 12-month rate at 2.8 percent. The inflation trend has remained steady since October. In a separate report, he cited expectations that substantial disinflation may follow after one or two more strong inflation numbers, referencing comments from Bessent (link).