2026-05-12 12:37:39 UTC / 路透社
作者：露西娅·穆蒂卡尼
2026年5月12日 美国东部时间中午12:37 更新于1小时前
2026年3月31日摄于美国佛罗里达州泰特斯维尔，伊朗战争期间油价和汽油价格飙升，一处加油站展示的汽油价格。路透社/马可·贝洛/资料图片
- 内容摘要
- 4月消费者物价指数上涨0.6%
- 能源商品占通胀全面涨幅的40%以上
- 特朗普面临政治余波，选民指责其为高通胀负责
- 美联储预计将维持利率不变至2027年
华盛顿，5月12日（路透社）——美国4月消费者物价连续第二个月快速上涨，伊朗冲突推高能源成本，食品价格飙升，加剧了总统唐纳德·特朗普及其共和党在11月中期选举前的政治风险。
美国劳工部周二公布的消费者物价指数（CPI）连续两个月上涨，最终创下三年来最大年度通胀涨幅。特朗普在2024年连任竞选期间很大程度上凭借其降低通胀的承诺获胜，但美国人已对其经济治理感到不满，许多人将加油站的高昂油价归咎于他。
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强劲的通胀数据叠加上周公布的4月非农就业人数增幅超出预期，强化了经济学家的预期：美联储将维持利率不变至2027年。
“目前正面临实实在在的财务挤压，”海军联邦信贷联盟首席经济学家希瑟·朗表示，“三年来首次，通胀完全吞噬了所有工资涨幅。这对中低收入家庭是一次打击，他们对此心知肚明。”
美国劳工部劳工统计局称，4月CPI上涨0.6%，3月该指数曾飙升0.9%。路透社调查的经济学家此前预计CPI上涨0.6%，预测区间为涨幅0.4%至0.9%。
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在录得2022年6月以来最大涨幅后出现的涨幅放缓，主要是技术性因素。美国和以色列对伊朗发动袭击后，油价在3月飙升至每桶100美元以上，4月初停火后油价回落，但仍处于高位。战争的影响立即体现在汽油、柴油和航空燃油价格上涨上。经济学家认为，后续影响将在未来几个月显现。
上月能源价格上涨3.8%，占CPI涨幅的40%以上。这一数据紧随3月10.9%的涨幅而来。汽油价格上涨5.4%，燃料油上涨5.8%。消费者支付的电费也更高。
食品价格继3月持平后加速上涨0.5%。杂货店通胀率飙升0.7%，受牛肉价格上涨2.7%推动。水果和蔬菜价格上涨1.8%，非酒精饮料价格上涨1.1%。乳制品和鸡蛋价格也出现大幅上涨。
全球供应日趋紧张
截至4月的12个月里，CPI上涨3.8%。这是2023年5月以来最大的年度同比涨幅，3月该指数涨幅为3.3%。美国央行以个人消费支出物价指数作为2%通胀目标的参考，上月将基准隔夜利率维持在3.50%-3.75%区间。
一张标题为“美国通胀与利率”的折线图
美国股市开盘走低。美元对一篮子货币汇率上涨。美国国债收益率走高。
“目前看不到冲突明确结束的迹象，推高通胀的主要因素——能源、石油、汽油、运输和食品——都将在未来几个月进一步上涨，原因是全球供应趋紧和供应链压力上升，”RSM首席经济学家约瑟夫·布鲁苏埃尔拉斯表示。
扣除食品和能源的核心CPI上月上涨0.4%。这是2025年1月以来的最大涨幅，部分原因是去年联邦政府停摆导致数据收集中断后，租金衡量标准进行了一次性调整。
劳工统计局将其租金调查分为六个板块，每个板块每六个月轮换抽样一次。劳工统计局采用了一种名为结转插补的方法处理租金和业主等价租金的缺失数据，这曾人为压低了租金指数。3月核心CPI上涨0.2%。
住房租金上涨0.6%，3月该涨幅为0.3%。
业主等价租金上涨0.5%。高昂的航空燃油价格推动机票价格上涨2.8%。
在其他领域，服装和鞋类价格大幅上涨。家庭家具和用品价格上涨0.7%。一些经济学家曾认为，特朗普全面关税政策的成本传导效应已经结束。
美国最高法院在2月推翻了这些关税，降低了实际关税税率。4月核心CPI同比上涨2.8%，3月该涨幅为2.6%。
本文由露西娅·穆蒂卡尼报道；千叶津子和安德里亚·里奇编辑
我们的准则：汤姆森路透社信任原则
US annual consumer inflation accelerates amid broad increase in prices
2026-05-12 12:37:39 UTC / Reuters
By Lucia Mutikani
May 12, 2026 12:37 PM UTC Updated 1 hour ago
Gas prices are displayed at a gas station as the prices of oil and gas surge, amid the Iran war, in Titusville, Florida, U.S., March 31, 2026. REUTERS/Marco Bello/File Photo
- Summary
- Consumer Price Index increases 0.6% in April
- Energy goods account for more than 40% of broad rise in inflation
- Trump faces political fallout as voters blame him for high inflation
- Fed expected to hold rates steady into 2027
WASHINGTON, May 12 (Reuters) – U.S. consumer prices increased at a brisk pace for a second straight month in April as the war with Iran pushed up energy costs and food prices surged, heightening political risks for President Donald Trump and his Republican party ahead of November’s midterm elections.
The back-to-back increases in the Consumer Price Index reported by the Labor Department on Tuesday culminated in the largest annual increase in inflation in three years. Trump won re-election in 2024 in large part because of his promise to reduce inflation, but Americans have soured on his handling of the economy and many blame him for the pain at the pump.
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The strong inflation readings added to data last week showing a larger-than-anticipated increase in nonfarm payrolls in April in strengthening economists’ expectations that the Federal Reserve would keep interest rates unchanged into 2027.
“There is a real financial squeeze underway,” said Heather Long, chief economist at Navy Federal Credit Union. “For the first time in three years, inflation is eating up all wage gains. This is a setback for middle-class and lower-income households and they know it.”
The CPI increased 0.6% last month after surging 0.9% in March, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast the CPI rising 0.6%. Estimates ranged from a 0.4% gain to a 0.9% increase.
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The moderation after posting the largest increase since June 2022 was mostly mechanical. Oil prices shot above $100 a barrel in March following strikes against Iran by the U.S. and Israel, before pulling back to still-high levels after a ceasefire in early April. The war’s impact was immediately reflected in more expensive gasoline, diesel and jet fuel. Economists believe the second-round effects would be felt in the months ahead.
A 3.8% increase in energy prices accounted for more than 40% of the rise in the CPI last month. That followed a 10.9% jump in March. Gasoline prices rose 5.4%, while fuel oil increased 5.8%. Consumers also paid higher prices for electricity.
Food prices accelerated 0.5% after being unchanged in March. Grocery store inflation shot up 0.7%, driven by a 2.7% increase in beef prices. Fruits and vegetable prices rose 1.8% while nonalcoholic beverages cost 1.1% more. There were also strong increases in the prices of dairy and eggs.
GLOBAL SUPPLIES GROWING TIGHT
In the 12 months through April, the CPI advanced 3.8%. That was the biggest year-on-year increase since May 2023 and followed a 3.3% rise in March. The U.S. central bank, which tracks the Personal Consumption Expenditures price indexes for its 2% inflation target, last month left its benchmark overnight interest rate in the 3.50%-3.75% range.
A line chart with the title ‘US inflation and interest rates’
U.S. stocks opened lower. The dollar rose against a basket of currencies. U.S. Treasury yields were higher.
“With no clear end to hostilities in sight, the primary catalysts for the increase in inflation – energy, oil, gasoline, transportation, and food – are all poised to jump higher in coming months as global supplies grow tight and supply chain stress rises,” said Joseph Brusuelas, chief economist at RSM.
Excluding food and energy, the CPI climbed 0.4% last month. That was the largest gain since January 2025 and partly reflected a one-time adjustment to rent measures after last year’s shutdown of the federal government prevented data collection.
The BLS splits its rent survey into six panels. Each panel is sampled every six months on a rotating basis. The BLS used a method called carry-forward imputation for rent and OER to account for the missing data, which had artificially lowered the rent indexes. The so-called core CPI increased 0.2% in March.
Rent of shelter jumped 0.6% after rising 0.3% in March.
Owners’ equivalent of rent increased 0.5%. High jet fuel prices drove up airline fares 2.8%.
Elsewhere, apparel and footwear prices rose strongly. Household furnishings and operations prices increased 0.7%. Some economists had believed that the pass-through from Trump’s sweeping tariffs was over.
The U.S. Supreme Court struck down the duties in February, lowering the effective tariff rate. Core CPI inflation advanced 2.8% year-on-year in April after rising 2.6% in March.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci
Our Standards: The Thomson Reuters Trust Principles.
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