WASHINGTON - Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households.Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday.
That was below the 8.5% year-over-year surge in March, which was the highest rate since 1981.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.Nationally, the price of a gallon of regular gas has reached a record $4.40, according to AAA, though that figure isn’t adjusted for inflation.
The high price of oil is the main factor. A barrel of U.S. benchmark crude sold for around $100 a barrel Tuesday. Gas had fallen to about $4.10 a gallon in April, after reaching $4.32 in March.FILE IMAGE - A shopper reaches for cottage cheese inside a grocery store in San Francisco, California, on May 2, 2022.