April Spending Revives, US Inflation Rises.

Inflationary pressures in the US economy remain high as a key index of US prices rose 0.4% from March to April, and consumer spending rebounded, with spending on new cars soaring 6.2%. Despite the rising prices, consumers remain buoyant, driven by solid job gains and pay increases. The persistence of high inflation is complicating the Federal Reserve's interest rate decisions, with a vocal group among the Fed's 18-member interest-rate setting committee pushing for more rate hikes later this year on the grounds that inflation isn't slowing quickly enough.