April CPI data shows slow moderation in prices despite Fed rate hike.

The US inflation report for April is expected to show that price pressures within the economy remained strong despite the Federal Reserve's aggressive interest rate hike campaign. Economists predict that the consumer price index will show monthly prices rose 0.4% in April, and inflation is projected to have climbed 5% annually. Core prices are also expected to climb, suggesting that underlying price pressures remain strong. The Federal Reserve is closely watching the report for evidence inflation is finally subsiding as policymakers try to cool the economy with a series of aggressive interest rate hikes.