美国通胀趋紧，伊朗战争推高物价

2026-05-28T12:40:50.575Z / 路透社

作者：露西娅·穆蒂卡尼

2026年5月28日 12:40 世界标准时间更新于12分钟前

概要

4月个人消费支出（PCE）通胀同比上涨3.8%
核心PCE通胀同比上涨3.3%；通胀率高于美联储2%的目标
消费者支出增长0.5%；经通胀调整后的家庭可支配收入下降0.5%

华盛顿，5月28日（路透社）——受伊朗战争引发的能源价格上涨推动，美国4月通胀率达到三年来最快增速，这巩固了经济学家的观点：美联储可能会在明年很长一段时间内维持利率不变。

不断飙升的物价压力正在侵蚀家庭收入，可能会抑制本季度的消费者支出和经济增长。周四发布的其他数据显示，经通胀调整后的家庭可支配收入在4月连续第三个月下滑。

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鉴于生活成本飙升，美国人对特朗普总统的经济治理越来越不满。上周路透社/益普索的一项民调显示，特朗普的总统支持率跌至其重返白宫以来的最低水平，共和党人的支持率下降是主要原因。特朗普在2024年总统选举中获胜很大程度上是因为他承诺降低通胀。

通胀威胁着他所在的共和党在11月中期选举中的国会多数席位。

“通胀形势对美联储来说越来越棘手，”惠誉评级美国经济主管奥卢·索诺拉说道。“未来几个月价格压力可能会持续存在，虽然美联储无法解决供应冲击，但它不能忽视这种正在渗透到核心通胀中的冲击。”

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美国商务部经济分析局表示，截至4月的12个月里，个人消费支出价格指数上涨3.8%，为2023年5月以来的最大涨幅。3月的PCE通胀率未作修正，为3.5%。

接受路透社调查的经济学家此前曾预测PCE通胀同比上涨3.8%。4月PCE价格指数环比上涨0.4%，3月曾飙升0.7%。

中东冲突扰乱了霍尔木兹海峡的航运，推高了能源价格，同时也加剧了全球供应链紧张，导致包括化肥、铝和消费品在内的多种商品短缺。美国能源信息管理局的数据显示，4月全国平均零售汽油价格上涨12.3%。

自2月底战争爆发以来，汽油价格已经上涨了50%以上。除了加油成本上涨之外，消费者在其他商品和服务上的支出也在增加。战争前通胀率就已经居高不下，这在很大程度上是因为特朗普实施的大规模进口关税政策。

blob:https://www.reuters.com/70661a09-ff72-409a-87fe-80513592a15cAd Break Coming Up!NEXT Stay Next Off English 180p 288p 360p 480p 540p 576p 720p HD 1080p HD Auto (180p)About Connatix V412109927 About Connatix V412109927 1/1 Skip Ad Continue watching after the ad!Visit Advertiser websiteGO TO PAGE

https://www.reuters.com/business/us-pce-inflation-firmer-april-2026-05-28/

上月商品价格上涨0.7%，其中汽油和其他能源产品价格上涨5.5%。食品价格反弹0.5%。

剔除波动较大的食品和能源成分后，4月核心PCE价格指数同比上涨3.3%，3月涨幅为3.2%。所谓的核心PCE通胀率4月环比上涨0.2%，3月上涨0.3%。

标题为“美国个人消费支出价格指数年度变化”的折线图

美国央行将PCE通胀指标作为其2%的目标。金融市场预计美联储将把基准利率维持在3.50%-3.75%的区间至2027年。上周发布的美联储4月28日至29日会议纪要显示，越来越多的政策制定者倾向于可能需要加息。

4月服务业价格连续第三个月上涨0.3%。住房和公用事业成本上涨0.6%，交通运输服务价格上涨0.4%。餐饮和住宿价格上涨0.5%。

物价上涨推高了支出的美元金额。占经济活动三分之二以上的消费者支出上月增长0.5%，3月曾飙升1.0%。丰厚的退税为消费者提供了缓冲，尤其是低收入家庭。

消费者也在动用储蓄，储蓄率上月降至2.6%。这是自2022年6月以来的最低水平，低于3月的3.2%。收入没有变化。经通胀调整后，家庭可支配收入下降0.5%。

随着通胀超过工资涨幅且报税季结束，消费者可能会缩减开支。经济学家还预计，尤其是在战争带来的不确定性面前，消费者终将开始重建储蓄。经通胀调整后，消费者支出4月微增0.1%，3月曾增长0.3%。

政府将第一季度消费者支出增速从此前公布的年化1.6%下调至1.4%。整体国内生产总值增速也从上月预估的2.0%大幅下调至1.6%。

露西娅·穆蒂卡尼报道；奇祖·野山和安德里亚·里奇编辑

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US inflation firming as Iran war drives up prices

2026-05-28T12:40:50.575Z / Reuters

By Lucia Mutikani

May 28, 2026 12:40 PM UTC Updated 12 mins ago

People shop for groceries at a store in New York City, U.S., July 15, 2025. REUTERS/Jeenah Moon Purchase Licensing Rights, opens new tab

Summary

PCE inflation increases 3.8% year-on-year in April
Core PCE inflation advances 3.3% year-on-year; inflation running above the Fed’s 2% target
Consumer spending gains 0.5%; income at the disposal of households after adjusting for inflation falls 0.5%

WASHINGTON, May 28 (Reuters) – U.S. inflation increased at its fastest pace in three years in April, driven by higher energy prices amid the war with Iran, and cementing economists’ views that the Federal Reserve could hold interest rates unchanged well into next year.

Surging price pressures are eroding household income and could ‌restrain consumer spending and economic growth this quarter. Income at the disposal of households after adjusting for inflation dropped for a third straight month in April, other data showed on Thursday.

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Given the soaring cost of living, Americans are growing frustrated with President Trump’s handling of the economy. A Reuters/Ipsos survey last week showed Trump’s presidential approval rating fell to nearly its lowest level since he returned to the White House, hit by a drop in support among Republicans. Trump won the 2024 presidential election in large part because of his promise to lower inflation.

Inflation threatens his Republican Party’s congressional majority in the November midterm elections.

“The inflation picture is becoming increasingly uncomfortable for the Fed,” said Olu Sonola, head of U.S. economics at Fitch ⁠Ratings. “Price pressures are likely to persist over the next few months, and while the Fed cannot fix a supply shock, it cannot ignore one that is feeding into underlying inflation.”

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The personal consumption expenditures price index jumped 3.8% in the 12 months through April, the largest rise since May 2023, the Commerce Department’s Bureau of Economic Analysis said. PCE inflation advanced by an unrevised 3.5% in March.

Economists polled by Reuters had forecast PCE inflation increasing 3.8% year-on-year. The PCE price index rose 0.4% month-on-month in April after shooting up 0.7% in March.

The Middle East conflict has disrupted shipping in the Strait of Hormuz, boosting energy prices, as well as straining global supply chains and causing shortages of a wide range of goods, including fertilizers, aluminum and consumer products. The national average retail gasoline price shot up 12.3% in April, data from the U.S. Energy Information Administration showed.

Gasoline prices have increased more than 50% since the war started at the end of February. Away from the pain at the pump, consumers are also paying higher prices for other goods and services. Inflation was already elevated before the war, largely because of Trump’s sweeping import duties.

https://www.reuters.com/business/us-pce-inflation-firmer-april-2026-05-28/

Goods prices increased 0.7% ‌last month, with ⁠gasoline and other energy products rising 5.5%. Food prices rebounded 0.5%.

Excluding the volatile food and energy components, the PCE price index increased 3.3% year-on-year in April after rising 3.2% in March. The so-called core PCE inflation gained 0.2% in April on a monthly basis after advancing 0.3% in March.

A line chart with the title ‘Annual change in US Personal Consumption Expenditures Price Index’

The U.S. central bank tracks the PCE inflation measures for its 2% target. Financial markets expect the Fed will keep its benchmark overnight interest rate in the 3.50%-3.75% range into 2027. Minutes of the Fed’s April 28-29 meeting published last week showed a growing number of policymakers open to the possibility that they may need to hike rates.

Services prices increased 0.3% ⁠in April for the third straight month. The cost of housing and utilities rose 0.6% while prices for transportation services climbed 0.4%. Food services and accommodations prices increased 0.5%.

Surging prices are flattering the dollar amount of spending. Consumer spending, which accounts for more than two-thirds of economic activity, increased 0.5% last month after surging 1.0% in March. Hefty tax refunds have provided a cushion for consumers, especially lower-income households.

Consumers are also tapping ⁠into savings, with the saving rate dropping to 2.6% last month. That was the lowest level since June 2022 and was down from 3.2% in March. Income was unchanged. After adjusting for inflation, income at the disposal of households fell 0.5%.

With inflation outpacing wage gains and the tax filing season over, consumers are likely to pull back. Economists also expect that consumers will at some point ⁠want to start rebuilding their savings, especially in the face of uncertainty wrought by the war. When adjusted for inflation, consumer spending edged up 0.1% in April after increasing 0.3% in March.

The government revised down the growth pace in consumer spending in the first quarter to 1.4% from the previously reported 1.6% annualized rate. Overall gross domestic product growth was slashed to a 1.6% rate from the 2.0% pace estimated last month.

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci

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美国通胀趋紧，伊朗战争推高物价

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