US inflation hit 8.3% last month but slows from 40-year high
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Source: AP
Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households.
Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest since 1981. On a month-to-month basis, prices rose 0.3% from March to April, the smallest increase in eight months.
Still, Wednesday’s report contained some cautionary signs that inflation may be becoming more entrenched. Excluding the volatile food and energy categories, so-called core prices jumped 0.6% from March to April — twice the 0.3% rise from February to March. Those increases were fueled by spiking prices for airline tickets, hotel rooms and new cars. Apartment rental costs also continued to rise steadily.
The sharp price gains from March to April “make clear that there is still a long way to go before inflation returns to more acceptable levels,” said Eric Winograd, U.S. economist at asset manager AB...
Read more: https://apnews.com/article/russia-ukraine-europe-inflation-consumer-prices-ad8465951c67310dc6c965c81d6fa9e7
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