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The United States' recent economic data for April highlighted a persistent climb in the cost of essentials. Senator Elizabeth Warren, the Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, criticised US President Donald Trump for the current economic environment and the direct impact of federal decision-making on consumer costs.
"Donald Trump promised to lower costs 'on day one.' Instead, he keeps raising them. First, his chaotic tariffs drove prices higher. Now, his war with Iran is pushing them up even more," Senator Warren said in a statement released by the US Senate Banking, Housing, and Urban Affairs Committee on Tuesday. She noted that the American people have paid more for essential commodities since the start of the war, with inflation outpacing wage growth in April. "Americans have paid USD 25 billion more for gas since the start of Trump's war with Iran. And today's data shows families paid more in April for other essentials like food, housing, and electricity too - with inflation outpacing wage growth in April. Trump's failed economic policies aren't just raising costs, they're shrinking families' paychecks," stated Senator Warren. Earlier, on Monday (local time), the Consumer Price Index (CPI-U) climbed 0.6 per cent from March's 0.9 per cent jump, according to the Bureau of Labor Statistics. Yearly inflation ticked up to 3.8 per cent for the 12 months ending April, from 3.3 per cent before. Energy prices drove much of April's rise but cooled sharply. They jumped 3.8 per cent after a 10.9 per cent surge in March. Gasoline rose 5.4 per cent. Electricity went up 2.1 per cent and fuel oil 5.8 per cent. Natural gas dipped 0.1 per cent. Yearly, energy is up 17.9 per cent, with gasoline at 28.4 per cent. Shelter costs rose 0.6 per cent. Owners' equivalent rent and rent each increased 0.5 per cent. Lodging away from home surged 2.4 per cent. Over the year, shelter is up 3.3 per cent. Food prices gained 0.5 per cent after being flat in March. Food at home rose 0.7 per cent. Meats, poultry, fish and eggs climbed 1.3 per cent, led by beef's 2.7 per cent rise. Fruits and vegetables were up 1.8 per cent. Yearly food inflation stands at 3.2 per cent. Core inflation, excluding food and energy, rose 0.4 per cent. Household items gained 0.7 per cent, airline fares jumped 2.8 per cent and personal care rose 0.7 per cent. Yearly core CPI is up 2.8 per cent. Some prices fell. New vehicles and communication dropped 0.2 per cent each. Medical care eased 0.1 per cent. Overall, inflation remains higher than a year ago, but the pace of monthly price increases has cooled. The biggest pressure points remain energy and housing, which affect almost every household budget. Food costs are mixed, with some items like meat and produce rising while others hold steady or decline. (ANI)
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