US inflation hits 2-year high in April, reaching 3.8%

The annual inflation rate in the US hit the highest level in April since May 2023, reaching 3.8%, official figures showed on Tuesday.

The market expectation was at 3.7% for the month of April, while the March figure was at 3.3%.

Year-on-year, energy prices jumped by 17.9% in the country last month, while food and shelter prices rose 3.2% and 3.3%, respectively.

On a monthly basis, consumer prices hiked by 0.6% in April.

"The index for energy rose 3.8 percent in April, accounting for over forty percent of the monthly all items increase," the Bureau of Labor Statistics said.

The shelter index rose 0.6%, and food 0.5% over the month.