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April inflation breakdown: Where are prices rising the fastest?
Inflation for April hotter than expected
FOX Business’ Cheryl Casone reports on the highly anticipated consumer price index report moments after the Labor Department posted the data.
American households are confronting the steepest inflation in a generation, paying more for everything from cars to food to rent as soaring prices eat away at most workers' wage gains.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.3% in April from a year ago, below the 8.5% year-over-year surge recorded in March. Prices jumped 0.3% in the one-month period from March.
So-called core prices, which exclude more volatile measurements of food and energy, climbed 6.2% in April from the previous year, also more than Refinitiv expected. Core prices also rose 0.6% on a monthly basis — double the 0.3% increase notched in March, suggesting that underlying inflationary pressures remain strong.
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"The peak of inflation may be behind us, but today’s report points to a long, slow descent — or maybe even a plateau around 8% until prices start to drop significantly," said Robert Frick, corporate economist with Navy Federal Credit Union. "The rotation to consumers spending more on services and less on goods should help cool the overall inflation number this year, but when that will kick in is anyone’s guess."
Here's a breakdown of where Americans are seeing prices rise the fastest as they wrestle with sticker shock for the first time in decades: