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Inflation continues to affect consumers as the personal consumption expenditures price index rose 0.4% last month. The annual rate of inflation reached 3.8%, the highest since May 2023, while core inflation increased to 3.3%. Additionally, the personal savings rate has fallen to its lowest level since 2022 due to rising living costs.
- ▪The personal consumption expenditures price index rose 0.4% last month.
- ▪The annual inflation rate is now at 3.8%, the highest since May 2023.
- ▪Core inflation increased to an annual rate of 3.3%.
- ▪The personal savings rate has dropped to its lowest level since 2022.
- ▪Rising costs of living are outpacing paychecks, affecting savings.
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Inflation continues to pinch at consumers this spring. The Commerce Department reported yesterday that the personal consumption expenditures price index rose 0.4% last month, putting the annual rate at 3.8% — the highest level since May 2023. Core inflation, which excludes food and energy, increased 0.2% in April to hit an annual rate of 3.3%.As CNBC's Jeff Cox reports, the 12-month readings were in line with expectations but both monthly numbers were slightly below Wall Street's expectations, a sign that the recent rise in prices could be easing. Inflation's pressures are causing Americans to save less.
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