Washington (TIP)- 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, according to government data released Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest rate since 1981.
But the consumer price index (CPI) for gasoline fell 6.1% in April compared to March, the Labor Department said. Russia‘s unprovoked war against Ukraine is the main catalyst for the surge in gasoline prices. The war has also driven up global good prices. 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 US 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.