The Labor Department announced that the consumer prices annual rate rose 8.3% in April, cooling from the 8.5% peak in March.

Simone Del Rosario Business Correspondent

Inflation finally peaked: Annual consumer prices rose 8.3% in April

May 11, 2022

Simone Del Rosario Business Correspondent

By Simone Del Rosario (Business Correspondent)

The country is getting the first concrete sign that runaway inflation has peaked. The Labor Department announced Wednesday that consumer prices rose 8.3% in April from a year ago, which is still one of the highest readings in four decades but slightly below the March peak of 8.5%.

Monthly growth dramatically cooled to 0.3% in April from 1.2% in March. Still, the price pain is real as experts worry inflation is becoming entrenched. Here is where people are feeling it most:

Energy prices are up 30.3% from one year ago.
Gas prices are up 43.6% from this time last year.
Food at home is 10.8% higher than last year.

Ahead of the latest inflation numbers, President Joe Biden went on defense Tuesday, blaming COVID-induced supply chain issues and Russia’s war on Ukraine for price hikes. Republicans, meanwhile, have called it “Bidenflation” and said his government policies are the cause.

“Some of the roots of the inflation are outside of our control, to state the obvious,” Biden said. “But there are things we can do and we can address and we need to do. That starts with the Federal Reserve.”

The Fed has now twice raised its benchmark interest rate to cool economic demand. Fears that the Fed could become more aggressive in curbing inflation (and trigger a recession) sparked a market sell-off this past week.

Tags: Joe Biden

SIMONE DEL ROSARIO: BREAKING THIS MORNING, WE ARE GETTING THE FIRST CONCRETE SIGN THAT RUNAWAY INFLATION HAS PEAKED.

CONSUMER PRICES IN APRIL ARE UP 8.1% FROM A YEAR AGO – WHICH IS STILL WILDLY HIGH – BUT IS A STEP DOWN FROM LAST MONTH’S 4-DECADE RECORD OF 8.5%.

STILL THE PRICE PAIN IS REAL, HERE’S WHERE PEOPLE ARE FEELING IT MOST.

ENERGY PRICES CONTINUE TO FUEL INFLATION UP X% FROM A YEAR AGO.

GAS PRICES IN APRIL ARE UP X%.

AND GROCERIES ARE STILL X% HIGHER THAN LAST YEAR.

AHEAD OF THESE LATEST NUMBERS PRESIDENT JOE BIDEN WENT ON DEFENSE, BLAMING COVID-INDUCED SUPPLY CHAIN ISSUES AND NOW RUSSIA’S WAR ON UKRAINE FOR PRICE HIKES.

REPUBLICANS, MEANWHILE, CALL IT BIDENFLATION – AND SAY HIS GOVERNMENT POLICIES ARE THE CAUSE.

PRESIDENT JOE BIDEN: some of the roots of the inflation are outside of our control, to state the obvious. But there are things we can do and we can address and we need to do. That starts with the federal reserve.

SIMONE DEL ROSARIO: THE FED HAS NOW TWICE RAISED ITS BENCHMARK INTEREST RATE TO COOL ECONOMIC DEMAND, AND FEARS IT COULD BECOME MORE AGGRESSIVE IN CURBING INFLATION IS WHAT HAD MARKETS SELLING OFF THIS PAST WEEK.

IN NEW YORK FOR JUST BUSINESS I’M SIMONE DEL ROSARIO.