US Inflation Slows in April , for First Time Since August.
CNN reports that while prices continued to increase last month, they did so at a slower pace compared to previous months.
On May 11, the Bureau of Labor Statistics reported that the Consumer Price Index was up 8.3% for the year ending in April.
While that percentage was a bit higher than economists had expected, .
It was still less than the 40-year high of 8.5% recorded in March.
When overlooking volatile categories such as food and energy, the Consumer Price Index was at 6.2% during the same period.
Taking seasonal swings into account, prices rose 0.3% in April.
CNN reports that the recent data seems to indicate that the worst of the inflation trend is over, .
Though prices will likely remain elevated over the summer.
The war in Ukraine and COVID lockdowns in China continue to affect the supply chain and food and energy prices.
The war in Ukraine and COVID lockdowns in China continue to affect the supply chain and food and energy prices