US Consumer Spending Slows in April as Inflation Drops to Four-Year Low
Data shows that after experiencing the strongest month of spending since the beginning of 2023, U.S. consumers began to slow down their spending in April, while inflation remained moderate, consistent with the economic slowdown. Data on Friday showed that the U.S. real personal consumption expenditures monthly rate increased by 0.1% in April after growing by 0.7% in the previous month. The U.S. core PCE price index monthly rate rose by 0.1% compared to the previous month. Compared to the same period last year, the U.S. core PCE price index annual rate recorded 2.5% in April, marking the smallest annual increase in more than four years.
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EIA expects Brent crude spot prices to remain at $100 per barrel for the rest of the year and raises the average price forecasts for this year and next.
The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.
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