May brings more bad economic news for hard-pressed American households. “Transitory” inflation remains firmly entrenched at rates equal to or higher than those reported at the start of 2024.
The Labor Department reports this week that the Consumer Price Index, or CPI, it’s official measure of the rate of change in the retail price of a basket of everyday goods and services, rose 0.3% in the month of April, the same as for the month of January. For twelve months, CPI increased 3.4% through April compared to 3.1% for twelve months through January. And wholesale prices, a good indicator of future retail prices, increased much more than expected in April, rising at the fastest annual rate since April 2023.