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.