- US inflation hit 8.3% last month, but slowed from 40-year high.
- The monthly increase in consumer prices was 0.3%.
- According to the Bureau of Labor Statistics report, rental costs have risen sharply.
Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking though American households are still feeling the pressure, according to The Associated Press.
The year-over-year rate of inflation in the United States moderated slightly in April to 8.3% — two tenths below that of March — the Bureau of Labor Statistics reported on Wednesday. The monthly increase in consumer prices (from March to April) was 0.3%.
What about inflation in the US?
It is the first time that the year-over-year rate of inflation has registered a drop, albeit slightly, after seven previous months of escalation and it is a good sign that, if it continues, would show a brake on consumer prices in the United States, according to the Efe news agency.
In any case, inflation is still soaring and at its highest levels in forty years. Energy prices (which include gasoline, crude oil, electricity and natural gas) rose by 30.3% in the last twelve months, pushed by the 80.5% increase in crude oil prices, while gasoline rose by 43, 6%.
What about the price of housing?
Regarding the monthly change, energy prices fell by 2.7% in April compared to March, with energy being one of the main reasons why inflation moderated last month. Food prices, for their part, rose by 9.4% in one year, especially supermarket prices, which increased by 10.8%, while restaurant prices increased by 7,2 %.
Excluding food and fuel prices, which are the most volatile, core US inflation was 6.2% year-over-year. The price of housing, a cost that has the most weight in the calculation of underlying inflation, rose by 5.1% in one year and its monthly increase was 0.5%
What will Biden do to fight inflation?
President Biden will travel to an Illinois farm on Wednesday to explain how agricultural exports can ease inflationary pressures from the war in Ukraine. The war has disrupted Ukrainian wheat supplies to world markets, as well as causing inflation in the prices of oil, natural gas and fertilizer.
The Food and Agriculture Organization of the United Nations reported that its food price index for April jumped by almost 30% compared to a year earlier, although it declined slightly from month to month. In the United States, food prices have risen 8.8% compared to the same period a year ago, their highest peak since May 1981.
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