April CPI set for biggest rise since 2023 on energy costs
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April's Consumer Price Index (CPI) is projected to see its largest increase since 2023, primarily driven by rising energy costs due to surging oil prices following the closure of the Strait of Hormuz. This spike is expected to elevate gasoline, diesel, and airfare prices. Persistent inflation near 3.7% may hinder interest rate cuts by the Federal Reserve, with markets anticipating no policy changes through the end of the year. Additionally, gas prices have risen 44% from last year, contributing to increased financial pressures on consumers from travel and food costs.
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