Washington [US], May 10 (ANI): The rate of inflation rose in the US was 4.9 per cent in April, slightly lower than the 5 per cent recorded in March, according to the latest data from the Bureau of Labor Statistics.
Though it is declining, the inflation numbers in the US are still way above the 2 per cent target.
The US monetary policy committee, seeking to achieve inflation at the rate of 2 per cent in the long run, hiked the key interest rate by another 25 basis points to 5.0-5.25 per cent at its latest two-day review meeting held during May 2-3.
The latest hike was the same as the previous rate increase in the March meeting and marked its tenth straight rate hike.
The US central bank’s current policy rate, which is now in a target range of 5.0-5.25, the highest in several years, and notably, it was near zero in the early part of 2022.
Raising interest rates typically help in cooling demand in the economy and thus helps in managing inflation or vice versa. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
