The Labor Department reports consumer prices rebounded in April, supporting the Federal Reserve’s case for continued interest rate hikes. The consumer price index rose a seasonally adjusted 0.2% in April, mostly due to higher energy. But that followed a 0.3% drop in March. Energy prices jumped 1.1% in April for the biggest increase since January and are up 9.3% over the past year. Food prices rose 0.2% on higher prices for fresh vegetables compared to March’s 0.3% increase. Core CPI, which excludes food and energy, rose 0.1%, reversing a 0.1% drop in March. That was less than expected. Economists expected overall CPI to rise 0.2% and core rate by 0.2%. They’re up 1.9% over the past year.
The Commerce Department reports retail sales rose 0.4% in April are 4.5% higher than a year ago. Economists expected a 0.5% gain for April March was revised upward from a 0.2% drop to a 0.1% gain. With motor vehicles and gas left out, sales were up 0.3%, after a 0.4% increase in March. Sales at gas stations were 12.3% higher in April than a year ago, on those higher oil costs.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
