Federal Reserve’s Beige Book Says Consumer Price Up 3.8% YoY in April

The Federal Reserve’s most recent Beige Book indicated that consumer prices had risen by 3.8% year-over-year as of April, despite the Fed’s target of 2% inflation. “Districts noted that energy-related costs tied to the conflict in the Middle East were the primary driver of inflationary pressures, with spillovers into shipping, packaging, groceries, and fertilizer,” the Fed wrote (more).