The pace of inflation around the U.S. cooled in April, the first drop after eight straight months of ever-faster price increases.
The Consumer Price Index, a broad basket of goods and services, increased 8.3% in the 12 months ending in April, the Labor Department reported Wednesday, down from an 8.5% annual increase in March. Core inflation, which strips out food and energy prices, rose 6.2% over the last year.
Prices for food, shelter and new cars increased the most in April, while the price of energy dropped after rising in recent months. Used car prices also dipped.
Although inflation eased last month, April’s reading is the second-highest pace of price increases since the early 1980s and has squeezed consumers on all fronts, outpacing wage increases.
This is a developing story.
