Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday.
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.
and congressional Democrats in the midterm election season, with Republicans arguing that Biden’s $1.9 trillion financial support package last March overheated the economy by flooding it with stimulus checks, enhanced unemployment aid and child tax credit payments. There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.
, fell on average in April and likely slowed inflation. Used car prices are also expected to have dropped last month. Automakers' supply chains have unraveled a bit, and new car sales have risen.While food and energy have endured some the worst price spikes of the past year, analysts often monitor the core figure to get a sense of underlying inflation. Core inflation also typically rises more slowly than the overall price increases and can take longer to decline.
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