Inflation updates this week are expected to show prices rising even faster.

Good morning! It's Hira with your daily morning digest. It's a big week for investors and consumers alike, with key updates on inflation. The Bureau of Labor Statistics will release its monthly report on the Consumer Price Index (CPI) tomorrow, which will show March's inflation figures. Its Producer Price Index, measuring inflation for manufacturers, will be released on Wednesday. The CPI is expected to come in red hot again, with economists predicting that prices for U.S. household goods and services likely rose 8.4% year over year, even higher than February's annual jump of 7.9%. Comments by Federal Reserve policymakers last week suggested central bankers are considering greater interest rate hikes to help cool inflation, though some economists fear that more aggressive moves might cause a recession. In the short term, higher interest rates will make the cost of borrowing money—from car loans to credit cards—more expensive for consumers. A rise in COVID-19 cases in China has also led to more lockdowns, which could worsen global supply chain issues and further fuel inflation. Shanghai, the nation's largest city and financial hub, has been on lockdown since March 28. This has caused suppliers to American companies such as Apple and Tesla to shut down, which could cause shipping delays and increase prices for some of these goods as lockdowns continue. - Hira |
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The Federal Reserve delivered on its promise of a modest rate hike in March, and that move translated into higher credit card interest rates. The average credit card interest rate for purchases is now 20.55%, according to March data collected by The Balance. |
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