Headline inflation down. Core inflation not so much.

A year of federal funds rate hikes have had minimal if any impact on core inflation.

The all items index increased 4.9 percent for the 12 months ending April; this was the smallest 12-month increase since the period ending April 2021. The all items less food and energy index rose 5.5 percent over the last 12 months. The energy index decreased 5.1 percent for the 12 months ending April, and the food index increased 7.7 percent over the last year.

bls.gov/news.release/cp…