Although U.S. inflation remains painfully high, two closely watched barometers suggest prices are moderating.
An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020.
Friday's report from the Commerce Department added to other recent signs showing that while high inflation continues to cause hardships for millions of households, it may finally be moderating, at least for now. In May, the CPI rose 8.3% from a year ago, down from 8.5% in March — theThe report also showed that consumer spending rose by a healthy 0.9% from March to April, outpacing the month-to-month inflation rate for a fourth straight time.
Still, inflation remains painfully high, and it's inflicting a heavy burden in particular on lower-income households. Surging demand for furniture, appliances and other goods, combined with supply chain snarls, began sending prices surging about a year ago.Consumers are now increasingly shifting their spending from goods to services, like airline fares and entertainment tickets. That trend could help cool inflation in the months ahead, though it's unclear by how much.
Powell has said the Fed is aiming for a"soft or soft-ish" landing, in which wages, consumer spending and growth slow, but the economy avoids a downturn. Most economists say that while such an outcome is plausible, they doubt it can be achieved.
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