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Economy

“Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs”

“…The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain. That represented a slight ease from March’s peak but was still close to the highest level since the summer of 1982.

Removing volatile food and energy prices, so-called core CPI still rose 6.2%, against expectations for a 6% gain, clouding hopes that inflation had peaked in March.

The month-over-month gains also were higher than expectations — 0.3% on headline CPI versus the 0.2% estimate and a 0.6% increase for core, against the outlook for a 0.4% gain.

The price gains also meant that workers continued to lose ground. Real wages adjusted for inflation decreased 0.1% on the month despite a nominal increase of 0.3% in average hourly earnings. Over the past year, real earnings have dropped 2.6% even though average hourly earnings are up 5.5%…”

https://www.cnbc.com/2022/05/11/cpi-april-2022.html

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