April saw a decline in inflation, with the consumer price index rising only 4.9% compared to the same period last year, marking the smallest increase since April 2021. This signals a deceleration of prices for household staples and an overall moderation of price pressures for consumers from multidecade-high levels. Policymakers aim to keep inflation at around 2%, a target that could still take another year or so to reach, according to Moody’s Analytics’ chief economist, Mark Zandi. While prices declined in certain categories such as grocery, housing costs rose 0.4% in April relative to the prior month. However, prices for household energy, new cars, airline fares, hotels and personal care, among others, decreased.
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