United States shopper costs rose a modest 0.2 % in April

US Producer Prices Edge up 0.1% April

The energy index increased 1.4% in April after a 2.8% decline in March.

Shares of CenturyLink rallied, up 8.2 percent as of 2.20pm in NY, after the telecom company posted quarterly earnings that beat expectations, though sales fell short, and bolstered optimism about its acquisition of Level 3.

A Labour Department report showed its consumer price index rose 0.2 percent in April, falling short of economists' forecasts, while core CPI, which excludes food and energy prices, inched 0.1 percent higher last month.

Michael Pearce, Senior US Economist at Capital Economics, said the smaller than expected increase in core prices suggests that the recent surge in underlying inflation is fading.

The price index for personal consumption expenditure (PCE), an inflation gauge preferred by the Fed, rose 2 percent from a year ago in March, the biggest increase since February 2017 and meeting the Fed's 2-percent inflation target.

The Fed seeks to manage the economy to keep inflation rising at a moderate annual rate of 2 percent.

Equity markets rose as the soft inflation data reduced the prospect of the Fed boosting rates three more times in 2018, instead of four times many in the market were forecasting.

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The Dow moved higher, led by gains in shares of Walt Disney and those of UnitedHealth Group, recently up 2 percent and 1.9 percent respectively.

For April, food costs fell 1.1 percent in April, the biggest decline since a 1.3 percent fall in August 2016. In its statement the central bank said that it sees inflation running near its "symmetric 2 percent objective over the medium term".

Inflation in USA has been on the the rise since beginning of this year, paving way for the Fed to further tighten the monetary policy.

Economists saw the slower increase in wholesale prices in April as a good sign that inflation is not getting out of control.

Stocks on Wall Street were trading higher while U.S. Treasury yields fell.

US consumer inflation rose by less than estimated in April as costs for automobiles and airfares declined, reducing chances that inflation will overshoot the Federal Reserve's target in coming months.

Some economists are anxious that inflation, after years of being stuck at chronically low levels, could move past the 2 percent pace to levels that would indicate unwanted inflation pressures are starting to build. And expected increases in gasoline prices this summer will add to the inflation pressures.

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