I had just posted a few days ago that it was up only 1.08% over the four months from Nov. 2022 to March 2023 (which is a 3.26% rate for 12 months).
Here are the last five monthly increases:
Dec. 2022 0.131%
Jan. 2023 0.517%
Feb. 2023 0.370%
Mar. 2023 0.053%
Apr. 2023 0.368%
If it went up 0.368% every month for 12 months it would be 4.5%, much too high.
For more information, See US prices stay high, showing inflation pressures persist by CHRISTOPHER RUGABER, AP Economics Writer.
But this report said "consumer inflation was up 4.9% in April year over year."
That is not the right way to say it. It should say prices were up 4.9% (or were 4.9% higher in April 2023 than in April 2022). The inflation rate tells us how much prices went up.
If we had 10% inflation in Year 1 and you tell me inflation went up 4.9% in Year 2, you are telling me that inflation was 4.9% higher in Year 2 than in Year1. What number is 4.9% higher than 10%? 10.49%. That means that our inflation rate was 10.49% in Year 2. Prices went up 10.49% (and not 4.9%).
If you click on that link ("this report") it is possible that they updated it and it no longer says what I report here.
Other related links:
See Consumer Price Index for All Urban Consumers: All Items in U.S. City Average from FRED (Federal Reserve Economic Data) compiled by the Research Division at the Federal Reserve Bank of St. Louis for data on the seasonally adjusted CPI.
Consumer Price Index Data from 1913 to 2023
Personal Consumption Expenditures Price IndexClick here to see the BLS data on The Percentage Of 25-54 Year-Olds Employed
The Bureau of Labor Statistics makes seasonal adjustments. See Consumer Price Index Summary.
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