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A sharp rise in April consumer prices put stocks under more pressure early Wednesday, but the data really shouldn’t come as much of a surprise.
We’re having an initial reaction now where everything sells off and rates are pushing higher, but we’ve already seen hints of this coming from earnings. Based on what executives said, it would be hard to believe if there wasn’t some inflation pressure developing and showing up in today’s number.
This is one report, so it’s nothing to lose our minds over, but it backs up what we’ve been hearing. To recap, the consumer price index (CPI) rose 0.8% last month, compared with Wall Street’s consensus for 0.2%. The CPI is up 4.2% year-over-year. These are big numbers, but remember that last year set a low bar considering the struggles with Covid at the time.
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