According to the Labor Department, the US consumer price index rose by 3.4% in April compared with the same month in 2023, an annual rate down 0.1 points on March, and in line with Jefferies' expectations.

Excluding energy (+2.6%) and food (+2.2%), two traditionally volatile categories, the annual inflation rate fell by 0.2 points to 3.6% last month, again in line with Jefferies' estimate.

On a sequential basis, i.e. between March and April 2024, US consumer prices rose by 0.3%, both unadjusted and excluding energy and food.

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