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Beneath the Skin of CPI Inflation, April: After Some Zigs, a Zag. But 6-Month Core CPI Hits 4.0%, 6-Month Core Services CPI Hits 6.0%, Both Highest Since Mid-2023

May 16, 2024

Month-to-month data is volatile. We’ll look at the trends.

After months of worsening data on CPI inflation, we got still bad, but less bad, data today for April by the Bureau of Labor Statistics. And perhaps it was just another month-to-month squiggle, to be turned around over the next few months, of which we had many. Or perhaps it was a change in trend.

We’ll get to the details in a moment. But in summary, on a year-over-year basis:

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