Fed has a spreading inflation problem - GinaChon -
The U.S. consumer price index increased 0.3% in April from March and 8.3% over the last 12 months, the Labor Department said on May 11. That was slightly above the consensus forecast of analysts polled by Reuters but a slowdown from March, when monthly prices increased 1.2% and the year-over-year jump was 8.5%.
The food index jumped 9.4%, the largest 12-month increase since April 1981, while the cost of shelter surged 5.1%.U.S. Federal Reserve Chair Jerome Powell testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on the Fed's"Semiannual Monetary Policy Report to the Congress," on Capitol Hill in Washington, U.S., March 3, 2022.
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