Consumer Price Index Shows Inflation at 8.3 Percent, Approaching 40-Year High

Fox Business: Inflation rose more than expected in April, running near a 40-year high amid supply chain constraints, Russia’s war in Ukraine and strong consumer demand. 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, slightly below the 8.5% year-over-year surge recorded in March. Prices jumped 0.3% in the one-month period from March (Fox Business). 

From CNBC: 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% (CNBC).