Economic Buzz: US Inflation Hits 8.3% In April

12 May 2022 , 09:46 AM

US consumer prices in April were up by 8.3 percent compared to the same month a year ago, report released by the Labor Department on Wednesday showed. The annual rate of growth slowed from a 40-year high of 8.5 percent in March. Energy prices skyrocketed by 30.3 percent year-over-year, while food prices spiked by 9.4 percent, reflecting the largest yearly increase since the period ending April 1981. The annual rate of growth in core consumer prices, which exclude food and energy prices, also slowed to 6.2 percent in April from 6.5 percent in March, although the rate was expected to decelerate to 6.0 percent. Powered by Commodity Insights