Inflation rises to 3.8% as high gas prices drive down household savings to four-year low
By
Alicia Wallace
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Summary
Inflation rose to 3.8% in April, driven by high gas prices and an oil price shock linked to the Iran war. The Personal Consumption Expenditures price index increased 0.4% month-over-month. Americans are facing increased financial strain, with household savings rates dropping to their lowest level in nearly four years.
Key quotes
· 3 pulledHigh gas prices pushed up inflation again last month while adding to Americans' financial strain
Households are saving at the lowest rate in nearly four years, a new report showed Thursday.
The Iran war's oil price shock lifted the Federal Reserve's preferred inflation gauge to 3.8% in April from 3.5% the month before
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