Higher gas prices contribute to rising inflation in April

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% on a seasonally adjusted basis in April, after rising 0.9% in March, the U.S. Bureau of Labor Statistics reported Tuesday. Over the last 12 months, the all-items index increased 3.8% before seasonal adjustment.

“Inflation continued to rise in April, driven by higher gas prices. Overall prices are now 1.4 percentage points higher year over year since February, moving further away from the Federal Reserve's target. If this trend continues, price increases could spread to other goods and services, further exacerbating inflation risks, squeezing consumers, and straining affordability,” said America's Credit Unions Senior Economist Dawit Kebede. “Through these challenges, credit unions will remain a trusted partner to members.”