U.S. consumer prices increase by 0.3% in the month of April indicating inflation remained relatively low.
The Labor Department released the data Friday indicating the Consumer Price Index (CPI) rose slightly as a result of increasing healthcare, rent, and gasoline costs.
Gas prices increased by 5.7% last month and were responsible for over two-thirds of the CPI increase overall.
Healthcare and rent costs increased 0.3% which was the same measure as the previous month.
President Trump touted the government data saying, “We have a great chance to “really rock!” Good numbers all around.”
Great Consumer Price Index just out. Really good, very low inflation! We have a great chance to “really rock!” Good numbers all around.
— Donald J. Trump (@realDonaldTrump) May 10, 2019
According to the data, the Federal Reserve is unlikely to change interest rates in the immediate future.