Americans Draw From Their Savings To Fuel Summer Costs, New Inflation Report Says

Though recent data show inflation somewhat leveling off, there are likely higher price levels on the way — and Americans may be dipping into their savings to make ends meet.

The core Personal Consumption Expenditures Price Index (PCEPI) rose 4.9% year-over-year in April, the Bureau of Economic Analysis said on Friday. Core PCEPI increased at the same 0.3% month-over-month rate in February, March, and April. Adding fuel and energy into the mix, the PCEPI rose 6.3% year-over-year and 0.2% month-over-month in April — a cooldown from the 0.9% month-to-month rate seen in March.