Inflation could hit 4% next month and stay elevated for rest of year, economist warns
Summary
Inflation in the United States reached its highest level in three years in April, mainly because gasoline prices increased sharply. The Consumer Price Index, which measures how much prices for goods and services have changed, rose by 3.8% compared to last year.Key Facts
- Inflation in April was the highest in three years.
- Gasoline prices increased significantly and contributed to inflation.
- The Consumer Price Index (CPI) rose 3.8% compared to the previous year.
- The CPI includes prices for energy, food, and other goods and services.
- The Labor Department provided the inflation data.
- Heather Long, Chief Economist at Navy Federal Credit Union, discussed the inflation report.
- Geoff Bennett hosted the discussion with Heather Long.
- Inflation may reach 4% next month and stay high for the rest of the year, according to economists.
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