Cramer: Here's how investors should be positioned after April's hot inflation data

Jim Cramer
Scott Mlyn | CNBC

CNBC's Jim Cramer said Wednesday he was surprised some market participants were caught off guard by the latest reading for the consumer price index, which came in hotter than expected for the month of April.

"Other than the highest-growth stocks … most stocks have been anticipating this," Cramer said on "Squawk Box."

He said he continues to share Federal Reserve Chairman Jerome Powell's view on inflation, seeing the current price pressures as transitory rather the beginning of sustained, problematic increases.

"I'm in Jay's camp for a little bit more," Cramer said, while stressing that investors still need to position their portfolios to benefit from the current economic landscape.