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U.S. inflation picture is the worst in almost 4 years

S&P Global surveys show that companies are willing to pay more for scarce supplies, in an echo of the pandemic

By Greg Robb
Published: April 23, 2026 at 10:58 a.m. ET


Tourism and travel barely rose in April, as the Iran war made consumers hesitant to spend, S&P Global said.
Photo: Kena Betancur/Getty Images

The U.S. economy rebounded a bit in April from the near-stagnation seen in the prior month, but the overall inflation picture is now the most worrying since 2022.

S&P Global’s index of service companies, which employ most Americans, recovered to a reading of 51.3 in April from a three-year low of 49.8 in the prior month. Any number above 50 signals expansion.

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