Customers at a shop in San Rafael, California. US inflation cooled in April. AFP
Customers at a shop in San Rafael, California. US inflation cooled in April. AFP
Customers at a shop in San Rafael, California. US inflation cooled in April. AFP
Customers at a shop in San Rafael, California. US inflation cooled in April. AFP

US inflation eases to 4.9% in April as cost of food stays unchanged


Kyle Fitzgerald
  • English
  • Arabic

Food prices in the US last month were unchanged as inflation slightly cooled, although still at a level too high for the Federal Reserve's long-term goal.

US inflation rose 0.4 per cent in April, after advancing 0.1 per cent in March, data released by the Labour Department on Wednesday showed. Prices rose by 4.9 per cent on an annual basis, slightly lower than FactSet's 5 per cent forecast.

Core CPI — which excludes food and energy — rose 0.4 per cent on a seasonally adjusted basis and 5.5 per cent year on year.

The rise in goods last month was primarily driven by shelter costs, followed by the index for used vehicles and petrol. The food index was unchanged.

In a statement, White House Press Secretary Karine Jean-Pierre said the latest food data provides "some welcome breathing room for families", while noting that inflation is still too high.

Wednesday's report also gives the Fed some breathing room on how it will address interest rates when it meets again next month.

After raising interest rates to the target range of 5 per cent and 5.25 per cent last week, the Fed suggested that it might pause further rate increases.

Wednesday's data from the Labour Department would complicate those plans, however, with inflation still running above the Fed's 2 per cent goal.

The Personal Consumption Expenditures Price Index, the Fed's preferred inflation metric, will be released later this month.

Wednesday's inflation from the Labour Department follows a report last week that showed a solid increase in jobs and wages, as well as the US unemployment rate falling back to a historic low of 3.4 per cent.

Price pressures and a tight labour force continue to pose problems for the Fed as it looks to suppress inflation, which peaked at 9.1 per cent last summer.

With the economy still adding jobs at a robust pace and inflation still elevated, the Fed may not cut interest rates this year as traders anticipate.

Stock futures jumped after the data was released. Dow Futures gained 165 points, or 0.48 per cent. S&P Futures and Nasdaq Futures rose 0.73 per cent and 0.8 per cent.

Which products are to be taxed?

To be taxed:

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category

Not taxed

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules

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While you're here
T20 World Cup Qualifier A, Muscat

Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain

Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain

Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines

Tuesday, February 22: 2pm – semi-finals

Thursday, February 24: 2pm – final

UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

All matches to be streamed live on icc.tv

The Farewell

Director: Lulu Wang

Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma

Four stars

The biog

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Date of birth: 15 November, 1951

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Hobbies: Reading and writing poetry

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Rating: 4/5

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
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UAE currency: the story behind the money in your pockets
'Gehraiyaan'
Director:Shakun Batra

Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa

Rating: 4/5

UAE currency: the story behind the money in your pockets
Updated: May 11, 2023, 5:40 AM`