According to the US Department of Commerce, price growth in the country slowed in April, while income growth was less strong, and households reduced their spending. Thus, inflation rose to 6.3% year-on-year in April, compared with 6.6% in March, according to the PCE index of the Ministry of Commerce. On a monthly basis, the consumer price index in April increased by 0.2% compared to March (0.9%), which was the smallest increase in 1.5 years. Analysts note that the annual inflation rate in the United States peaked in March, although this is largely due to the jump in prices in April last year. The US also provided data on expenditures – they increased by 0.9% on a monthly basis. At the same time, analysts expected revenue growth of 0.5%. The incomes of Americans in April increased by 0.4% compared to March. Analysts had forecast growth of 0.5%. The spending data reflects a picture of how consumers are switching to cheaper markets in order to save money. It is worth noting that personal consumption expenses include three main components: the purchase of durable and short-term goods, as well as payment for services. The increase in spending is generally considered a positive signal for the economy, as it signals an increase in GDP. However, this increase may also indicate an acceleration of inflation.
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