The CPI is forecast to have risen by 0.3% in April and 2.3% on a year-over-year basis, according to the consensus estimates from FactSet. Core inflation, which excludes food and energy costs, is expected to have risen 0.3%, or 2.8% year over year.
In March, the CPI fell on a monthly basis for the first time since 2020, as energy prices dragged inflation pressures downward.
“Tariffs were likely a modest source of inflationary pressure in April,” wrote Bank of America analysts in a recent report, noting: “Larger inflation prints due to tariff hikes are in the pipeline.”
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