US April CPI Falls 0.8% Month-on-Month... Declines Continue for Second Consecutive Month

[Asia Economy Reporter Cha Min-young] The United States experienced a decline in inflation for the second consecutive month due to the impact of the novel coronavirus disease (COVID-19) pandemic.

On the 12th (local time), the U.S. Bureau of Labor Statistics announced that the Consumer Price Index (CPI) for April fell by 0.8% compared to the previous month. This matched the initial Bloomberg forecast of -0.8%. The decline was larger than the 0.4% drop recorded in March.

The authorities stated, "Since the COVID-19 pandemic spread to the United States, low price levels have continued," adding, "Closures and stay-at-home orders to prevent the spread of the virus have led to lower prices in oil, airfare, clothing, vehicles, and other consumer goods overall."

Meanwhile, the core inflation rate for April, excluding food and energy, fell by 0.4% compared to the previous month. This was 0.2 percentage points lower than the initial forecast of -0.2%, marking the largest monthly decline since 1957.

This content was produced with the assistance of AI translation services.