You paid less for gasoline in April, and that led overall inflation lower for the second month in a row.
The Consumer Price Index, a key measure of inflation, fell 0.4% in April, according to the Labor Department. Compared to a year earlier, prices are up only 1.1%, a level of inflation that’s considered rather low.
Falling gas prices were the main driver for the broader decline for the second month in a row
The average price for a gallon of unleaded gas fell by about 13 cents in April
On one hand, lower prices at the pump can act “like a tax cut for consumers, offsetting some of the payroll tax hike and tame inflation can boost consumer spending.
That said, low inflation can also be a sign of weak economic growth so be careful what you wish for.