Inflation, as measured by the Consumer Price Index, rose 3.4% in April from a year ago, which was in line with expectations. Month-over-month, the index rose 0.3%, slightly less than the 0.4% that was expected.
When stripping out the more volatile food and energy prices, the index rose 3.6% year-over-year and 0.3% from March, both matching economists’ estimates.
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