Inflation : l'analyse économique

The core PCE price index, the Fed's preferred inflation gauge, accelerated a seasonally adjusted 0.3% for the month, pushing the 12-month inflation rate to 3.2%. Inflation s'impose comme l'un des sujets qui mobilisent l'attention en Sweden ce jeudi.

Les faits

• The core PCE price index, the Fed's preferred inflation gauge, accelerated a seasonally adjusted 0.3% for the month, pushing the 12-month inflation rate to 3.2%.
• The core personal consumption expenditures price index, which excludes food and energy, accelerated a seasonally adjusted 0.3% for the month, pushing the 12-month inflation rate to 3.2%, the Commerce Department reported Thursday.
• Core inflation hit its highest level since November 2023.
• The inflation report indicated that the bulk of the price pressure came from goods, which rose 1.4%, boosted by an 11.6% surge in energy goods and services.
• Consumers faced escalating prices in March as the Iran war sent oil soaring and created a new level of challenges for the Fed.

L'essentiel

Dans le détail, the core personal consumption expenditures price index, which excludes food and energy, accelerated a seasonally adjusted 0.3% for the month, pushing the 12-month inflation rate to 3.2%, the Commerce Department reported Thursday.

Sur le fond, Core inflation hit its highest level since November 2023.

Concrètement, the inflation report indicated that the bulk of the price pressure came from goods, which rose 1.4%, boosted by an 11.6% surge in energy goods and services.

Au-delà de ce constat, Consumers faced escalating prices in March as the Iran war sent oil soaring and created a new level of challenges for the Fed.

Reste à préciser que Meanwhile, middle and moderate income households are struggling with high gas prices and inflation that's back at the hottest level in three years.

Les chiffres

À noter par ailleurs : Headline prices rose 0.7%, putting the annual level at 3.5%.

Plus précisément, Gross domestic product grew at a 2% seasonally adjusted annualized pace in the first quarter, up from 0.5% in the fourth quarter of 2025 but lower than the 2.2% estimate.

Dans la foulée, Initial jobless claims totaled a seasonally adjusted 189,000 for the week ended April 25, the lowest since 1969.

À ce stade, Including the volatile gas and groceries components saw higher readings, with the monthly gain at 0.7% and the annual rate hitting 3.5%, also in line with forecasts.

Le contexte

Reste à préciser que the vote came with four dissents, however, reflecting disagreements within the Fed over the proper setting of monetary policy and how to react to economic crosscurrents that include inflation above target now for five years running and a stabilizing labor market.

À noter par ailleurs : the rise in energy prices appeared to cut into inflation-adjusted consumer spending.

Plus précisément, In other economic news Thursday, the Commerce Department reported that gross domestic product grew at a 2% seasonally adjusted annualized pace in the first quarter, up from 0.5% in the fourth quarter of 2025 but lower than the 2.2% estimate.

Dans la foulée, Also, the Labor Department reported that initial jobless claims totaled a seasonally adjusted 189,000 for the week ended April 25, a decline of 26,000 from the prior week and well below the 212,000 estimate.

À ce stade, it was the lowest reading since September 1969 for a labor market that has been in a low-hire, low-fire mode for most of the past year.

Recherches associées

Plusieurs requêtes connexes accompagnent ce sujet : Vers une forte inflation à venir ? Voici la liste des produits dont les prix risquent de flamber dans les prochains jours • PODCAST : Inflation, croissance, pénurie... le pire reste à venir ? – 30/04 • Smic : le salaire minimum augmentera d’au moins 2 % au 1er juin si la poussée de l’inflation se confirme • Le Smic augmentera d’au moins 2 % au 1er juin si l’inflation se confirme mi-mai, annonce le ministre Roland Lescure - Ouest • SMIC : voici l'augmentation prévue en juin, si l'inflation se confirme • Croissance, inflation : l'économie européenne paie la facture de la guerre de Trump en Iran.

À retenir

• The core personal consumption expenditures price index, which excludes food and energy, accelerated a seasonally adjusted 0.3% for the month, pushing the 12-month inflation rate to 3.2%, the Commerce Department reported Thursday.
• The inflation report indicated that the bulk of the price pressure came from goods, which rose 1.4%, boosted by an 11.6% surge in energy goods and services.
• The vote came with four dissents, however, reflecting disagreements within the Fed over the proper setting of monetary policy and how to react to economic crosscurrents that include inflation above target now for five years running and a stabilizing labor market.
• Recherches qui explosent : Vers une forte inflation à venir ? Voici la liste des produits dont les prix risquent de flamber dans les prochains jours, PODCAST : Inflation, croissance, pénurie... le pire reste à venir ? – 30/04, Smic : le salaire minimum augmentera d’au moins 2 % au 1er juin si la poussée de l’inflation se confirme, Le Smic augmentera d’au moins 2 % au 1er juin si l’inflation se confirme mi-mai, annonce le ministre Roland Lescure - Ouest.