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🇺🇸 April CPI at 3.8%: supercore stuck for a third straight month, and the Fed has no clean move
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🇺🇸 April CPI at 3.8%: supercore stuck for a third straight month, and the Fed has no clean move

Macro Soup Newsroom Macro Soup Newsroom 3 min read

April CPI hit 3.8% year-on-year, the fastest since May 2023, with core services ex-shelter at +0.45% MoM for the third straight elevated print. Real wages turned negative. Bank of America pushed its first rate-cut forecast to 2027.

Line chart showing year-over-year percentage changes in core CPI components from 2018 to 2025, with lines for core services ex-housing, housing, core CPI, and core goods.
Core consumer price index, change from year earlier.

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