Monday, June 5, 2023

Inflation levels have declined in the United States

The United States Bureau of Labor Statistics (BLS) reported that the inflation level last month was 4.9%. This value represents a long shortfall for the Federal Reserve’s (Fed) objective, which anticipates keeping it at 2%.

The BLS reported that the Consumer Price Index (CPI) rose 0.4% in April this year. In March 2023, the CPI rose by 0.1%, which meant an inflation of 5%.

These figures are lower than the record high of 9.1% in June last year. A few days back, the Fed raised interest rates for the tenth time and they ranged from 5% to 5.25%.

Recession on the way, experts say

Fed Chairman Jerome Powell announced that no further interest rate hikes are expected at this time. However, Mr Powell clarified that decisions depend on the economic situation of each stage.

BLS shared the pace of inflation from March of last year to the month of April of the current year 2023. In the third month of 2022, the inflation indicators rose to 8.5% and in April of the same year they fell to 8.3%.

In May 2022, inflation rose again to 8.6% and in June its highest figure was 9.1%. In July it declined to 8.5%, in August it declined to 8.3% and in September it increased to 8.2%.

The month of October shows 7.7%, it came down to 7.1% in November and ended the last month of the year at 6.5%. 2023 started at 6.4%, it was pegged at 6% in February and 5% in March. The most recent month had a few digits of 4.9%.

Some products that affect inflation, such as household spending on basic services and food, reached 8.1% in April 2023. The government advises on the importance of saving money at this time, as analysts believe it is approaching an economic recession.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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