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US inflation hit 8.3% last month but slows from 40-year high

by WOOWinvest
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US inflation hit 8.3% last month but slows from 40-year high


Inflation eased in April after seven months of consistent gains, an early sign that price gains may be peaking while still putting financial strain on U.S. households.

Consumer prices rose 8.3 percent last month from 12 months earlier, the Labor Department said Wednesday. That was down from March’s 8.5% year-on-year increase, the highest since 1981.

On a monthly basis, prices rose 0.3% from March to April, still rising, but the smallest gain in eight months. Consumer prices surged 1.2% from February to March, largely due to a sudden increase in gas prices triggered by Russia’s invasion of Ukraine.

Nationally, the price of a gallon of regular gasoline has hit a record $4.40, according to the AAA, although that figure isn’t adjusted for inflation. High oil prices are the main factor. A barrel of U.S. benchmark crude sold for around $100 a barrel on Tuesday. After hitting $4.32 in March, gasoline prices have fallen to around $4.10 a gallon in April.

In addition to financial pressures on households, inflation poses a serious political problem for President Joe Biden and congressional Democrats in the midterm election season, with Republicans arguing that Biden’s $1.9 trillion fiscal support package last March Overheating the economy with massive stimulus checks, boosting unemployment aid and child tax credit payments.

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