CPI surged in April as inflation soars to highest level in almost 3 years
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
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U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
Economists had expected CPI to rise at an annual rate of 3% last month.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
A 2.7% COLA increase would raise the average monthly Social Security payment by about $54.
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
Beef costs around the U.S. surged to a record high in May. What's driving that jump, and are prices likely to ease up?
The average cost of one pound of ground beef reached a record-high of $5.80 in April, according to numbers from the Bureau of Labor Statistics.
Expired sales labels led to overcharges on more than 150 grocery items, according to an investigation led by Consumer Reports and others.
Weakening consumer confidence and mounting uncertainty could hit spending, economists warn.
The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.
Inflation cooled in March, but economists expect prices to reaccelerate as some of President Trump's tariffs kick in.
Americans express concern about their ability to pay bills and save money.
Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.
Americans have struggled with high grocery costs since inflation soared during the pandemic. Now prices are falling.
The monthly report is viewed as key factor in whether the Federal Reserve cuts its benchmark interest rate in September.
Americans can expect ebbing inflation and a strong job market this year, according to the National Association for Business Economics.
For the first time in the U.S., credit card debt has surpassed $1 trillion.
In some areas inflation has fallen below 2%, while in other regions prices are still spiraling upward. Why?
Veterans Memorial Ice Arena in Ann Arbor will not be open for the 2026-27 season because of tornado damage.
Both the Flat Rock and Rockwood police departments are aware of the possible bear sighting in the Wayne County community and have alerted the Michigan DNR.
A larger COLA would boost monthly checks for retirees, but also strain Social Security's already depleted trust funds.
U.S. Marshals arrested Richard Werstine, also known as Joseph Alan Stavros, last month in Panama.
Meijer Market, a small-format grocery store, is in the works for the City of Taylor.
Here's what you need to know for Tuesday, May 12, on the water emergency affecting a large part of Oakland County.
U.S. Marshals arrested Richard Werstine, also known as Joseph Alan Stavros, last month in Panama.
Deputies are seeking information from the public on a hit-and-run incident that killed a pedestrian in Pontiac.
A man in Michigan who got married and then ran over his best friend that same day has been sentenced to at least 30 years in prison.
Veterans Memorial Ice Arena in Ann Arbor will not be open for the 2026-27 season because of tornado damage.
Michigan's average diesel price on Sunday is $6 — the highest ever recorded by the American Automobile Association.
Ford Motor Company is recalling over 179,000 vehicles due to a front seat issue that can increase the risk of injury in a crash, the National Highway Traffic Safety Administration said.
A vote by UAW Local 2093 members will be on May 11. The UAW says that if approved, workers could walk out of the Three Rivers facility starting on May 31.
The organization says its executive committee will oversee operations and lead the search for the next leader, under the leadership of DADA president Katie Coleman and Auto Show chairman Lincoln Phillip.
General Motors has announced production investments at its sites in Romulus, Saginaw and Toledo.
With summer not far behind, the city of Detroit is preparing for the highly anticipated 2026 Ford Fireworks next month.
Motown may be Detroit's most famous sound, but it's far from the only one.
Gene Simmons visited Detroit Rock City to celebrate the grand opening of a restaurant co-founded by him and his Kiss bandmate Paul Stanley.
The moon music tradition started more than 50 years ago, NASA said as it shared the Artemis II crew's playlist this week.
Restaurants are being considered for the new Michelin Guide American Great Lakes Edition, set to be revealed in 2027.
A larger COLA would boost monthly checks for retirees, but also strain Social Security's already depleted trust funds.
University of Toronto researchers say cellphone data shows a major drop not only in Canadian tourists visiting the U.S., "but also in business-related travel."
A hacking group named ShinyHunters claimed responsibility for the Canvas breach and threatened to leak data involving 275 million individuals if schools did not pay a ransom.
A Texas couple is filing a lawsuit accusing the AI company of guiding their teenage son in using drugs, resulting in a fatal overdose.
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
A Texas couple is filing a lawsuit accusing the AI company of guiding their teenage son in using drugs, resulting in a fatal overdose.
An American on the repatriation flight began showing symptoms of hantavirus and another "tested mildly PCR positive for the Andes virus," the Department of Health and Human Services says.
More than 100 people from a cruise ship dealing with an outbreak of the rare and deadly hantavirus are set to be disembarked.
In 2002, Zermeño found out he contracted hantavirus after cleaning the family house following the death of his mother and sister. He had been exposed to rodent droppings and became infected.
Perfect Pair was founded by a University of Michigan student in 2020 to curb social isolation during the pandemic.
Donovan Mitchell tied an NBA playoff record with 39 points in the second half as the Cleveland Cavaliers evened their second-round NBA playoff series against the Detroit Pistons with a 112-103 victory.
Gage Workman came off the bench and hit his first major league homer, a two-run shot that sent the Detroit Tigers past the Kansas City Royals 6-3 to snap a five-game losing streak.
Michael Wacha pitched seven scoreless innings, Bobby Witt Jr. hit an inside-the-park home run on a grounder and the Kansas City Royals beat the Detroit Tigers 5-1.
The Detroit Pistons lost 116-109 on Saturday to the Cleveland Cavaliers in Game 3 of their Eastern Conference semifinal series.
The Detroit Pistons will look to take a 3-0 playoff series lead over the Cleveland Cavaliers on Saturday in Ohio.
The roundtable discusses the impact of rising gas prices and friction at the federal level with Canada and the U.S., and how it affects tourism.
Life Directions has been helping guide and mentor young people in Detroit.
Robert Costa, the award-winning national correspondent for CBS Sunday Morning and chief Washington analyst for CBS News, talks about Michigan's role in this critical midterm election.
Diallo Smith, CEO of Detroit nonprofit Life Remodeled, talks about its new opportunity hub on the east side of Detroit called Anchor Detroit.
It's a look at the critical relationship between Canada, Michigan and the U.S. on this week's Michigan Matters.
A chance of showers and thunderstorms move through Southeast Michigan tonight. NEXT Weather Meteorologist Karen Carter tells us when we can expect the wet weather.
The investigation into Nancy Guthrie's disappearance reaches 100th day with no sign of a breakthrough. Guthrie, the mother of "Today" show co-anchor Savannah Guthrie, was reported missing Feb. 1.
After President Trump rejected Iran's response to a U.S. peace proposal and said the ceasefire is "on life support," the speaker of Iran's parliament said the Islamic Republic's military is ready to "teach a lesson" to any aggressor. Natalie Brand reports.
Water pressure is building back up in the Oakland County, Michigan, communities affected by a 42-inch water main that broke early Sunday and disrupted service.
General Motors will cut hundreds of IT jobs as it shifts its focus to AI. The cuts will impact offices around the world.