The U.S. Consumer Price Index (CPI) has recorded the lowest annual inflation rate since early 2021, as it rose 2.3 percent year-over-year in April, a decrease of 0.1 percentage points from the annual rate in March. Though still above the Federal Reserve’s target for inflation of 2 percent, this is the third consecutive month of slowing growth.
Household furnishings, healthcare, vehicle insurance, education and personal care saw increases, while airfare, used cars and trucks, communication and apparel all saw declines, according to Connect Money.
“Prescription medicine prices rose by 2.3 percent even as non-prescription drug costs fell by 1 percent. These costs could dramatically change in the upcoming months, though they comprise just 1.3 percent of the overall consumer budget and inflation calculation,” said Lawrence Yun, chief economist of NAR. “Medical service costs like visits to the doctor and hospitals take up a larger proportion, and these costs rose by
