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U.S. inflation data for April came in broadly in line with analyst estimates Wednesday, breaking a concerning three-month streak of higher-than-expected readings and reigniting hopes for a return to the Federal Reserve’s 2% inflation target. Last month, the Consumer Price Index (CPI) showed a year-over-year increase of 3.4%.

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The Producer Price Index, which measures wholesale prices, rose 0.5% in April, more than the expected increase of 0.3%. Core PPI, which excludes volatile food and energy prices, also increased by 0.5% compared to an estimated 0.2%. On a yearly basis, wholesale inflation rose over 2% in April, the biggest gain in a year. Services prices drove much of the wholesale inflation, and portfolio management costs increased sharply. Energy prices rose led by a jump in gasoline costs, while food prices declined. Hotter-than-expected inflation raises doubts about the Fed's ability to cut rates soon to achieve its 2% target.

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As Welsh superstars are conquering the sporting world at the moment, attention turns from the snooker with Jak Jones to boxing as Lauren Price managed to go all the way to become world champion and make more history for her country.

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The Consumer Price Index rose 0.3% in April, slightly below economists' expectations. Inflation was 3.4% annually in April, in line with forecasts. Core inflation, which excludes volatile food and energy prices, rose 0.3% month-over-month and 3.6% year-over-year in April. Shelter costs increased 0.4% in April and were up 5.5% from a year ago. Energy prices rose 1.1% in April and were up 2.6% annually, while food prices were flat monthly. Used and new vehicle prices declined in April. Inflation remains above the Fed's 2% target, but signs of easing could allow them to pause rate hikes until more data is available in 2024.

Consumer Price Index Rises 0.3% in April, Slightly Below Expectations

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