The overall Consumer Price Index (CPI) was reported to be 8.3% in April, which was higher than economists’ expectations but modestly lower than March’s reading. Likewise, Core CPI, which excludes volatile food and energy prices, ticked lower but was hotter than expected at a rate of 6.2%. While some are encouraged by these slightly lower readings, inflation remains persistent and at a level which is unlikely to change the Fed’s plan to aggressively tighten policy in the coming FOMC meetings.
