US Inflation Rate Shows Signs of Easing

While inflation remains excruciatingly high, the rate of price increases in the US slowed in April, with prices rising 8.3 percent year over year and 0.3 percent month over month, the weakest increase since last summer.

The most significant contributors, according to BLS data for April, were the costs of housing, food, airfare, and new cars.

In April, the food index gained 0.9 percent over March, marking the seventeenth consecutive monthly increase. 

The dairy index increased 2.5 percent in July, the most since July 2007.

Rent prices increased by 0.6 percent in April compared to March.

In April, the cost of medical treatment climbed by 0.4 percent. Over the month, hospital services increased by 0.5 percent.

Russia’s intervention in Ukraine has driven up energy and gas prices. 

However, data from April showed a positive trend. 

After soaring 11 percent in March, the energy index fell 2.7 percent in April. 

The gasoline index decreased 6.1 percent after gaining 18.3 percent in March.

In a remark on Tuesday at the White House, US President Joe Biden said he is taking inflation “very seriously” considering there are American families hurting because of it. 

According to a statement released by the White House, Biden is visiting a family farm in Illinois where he will announce actions his administration is taking to support American farmers, reduce food prices, and feed the world.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.