Salem Radio Network News Sunday, May 29, 2022

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Inflation eases in April, but still worse than feared

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Inflation cooled off slightly in April as the pace of both yearly and monthly price growth dropped, according to data released Wednesday by the Labor Department. Details from Correspondent Bernie Bennett.

VERBATIM:
The consumer price index (CPI), the Labor Department’s closely watched gauge of inflation, rose 8.3 percent over the past 12 months and 0.3 percent in April alone.

The CPI rose 8.5 percent annually in March and a whopping 1.2 percent in the month alone.

Economists expected inflation to slow slightly more than it did in April as gas and oil prices declined from a peak driven by the war in Ukraine. Economists expected annual inflation to drop to 8.1 percent in March and with a 0.2 percent rise in prices, according to consensus estimates.

Bernie Bennett in Washington.

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