US inflation gauge slowed to 6.3 percent in April over past year

An inflation gauge closely tracked by the Federal Reserve rose 6.3 percent in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020.

Friday’s report from the Department of Commerce added to other recent signs showing that while high inflation continues to cause hardships for millions of households, it may finally be moderating, at least for now.

The report also showed that consumer spending rose by a healthy 0.9 percent from March to April, outpacing the month-to-month inflation rate for a fourth straight time. The continuing willingness of the nation’s consumers to keep spending freely despite inflated prices is helping sustain the economy. Yet all that spending is helping keep prices high and could make the Fed’s goal of taming inflation even harder.

On a month-to-month basis, prices rose 0.2 percent from March to April, down from the 0.9 percent increase from February to March.

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