April CPI Rises 0.6%; Annual Inflation at 3.8%

The Consumer Price Index rose 0.6 percent in April, pushing the annual inflation rate to 3.8 percent, the highest level since late 2023, the Bureau of Labor Statistics reported on Tuesday morning. Core CPI, which excludes food and energy, increased 0.3 percent for the month and 3.6 percent over the past year.

Gasoline prices rose 2.8 percent in April and are up 28 percent over the past year, while fuel oil prices have increased 54 percent in the past year. According to The Washington Post, gasoline prices surged due to the Iran conflict. The Nasdaq 100 extended losses to more than 2 percent on the day after the inflation data release.

The Bureau of Labor Statistics figures show that inflation has now risen faster than wages over the past year. Core inflation remains above the Federal Reserve’s 2 percent target.

No specific comments from U.S. or Iranian officials on the inflation data or its connection to Persian Gulf events were included in the reporting. The sources do not identify particular damaged energy infrastructure by name, date of damage, or repair timeline, nor do they quote any named economist making predictions about the duration of effects.