WASHINGTON (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.
That was below the 8.5% year-over-year surge in March, which was the highest rate since 1981.
On a month-to-month basis, prices rose 0.3% from March to April, a still-elevated rate but the smallest increase in eight months.
Consumer prices had spiked 1.2% from February to March, mostly because of a sudden jump in gas prices triggered by Russia’s invasion of Ukraine.
Fox’s Cheryl Casone has a report:
(Copyright 2022 WBAP/KLIF 24/7 News. This report contains material from The Associated Press and Fox News.)