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MNI: US April CPI Extends Decline To 4.9%; Core 5.5%
U.S. CPI extended its decline in April, dipping to 4.9% on the year and 5.5% excluding food and energy prices, in line with market expectations. Over the month, headline and core CPI added 0.368% and 0.409%, respectively. The U.S. dollar index and Treasury yields fell as investors saw the data as marginally weakening the case for another quarter-point interest rate hike by the Fed in June.
Shelter prices (+0.4%) were the largest contributor to headline inflation, followed by used cars and trucks and gasoline. Food was unchanged in the month and energy prices added 0.6%. Rent rose 0.6%, while owners' equivalent rent added 0.5%, same as in March and down from 0.7% in February.
Core services prices excluding housing, a key category watched by Fed officials, rose 0.11% in the month, the lowest since July's 0.07%, according to an MNI calculation.
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