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.
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. 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.
Inflation slowed from a 8.5 percent annual rate in March and a whopping 1.2 percent month-over-month rise as gas and oil prices declined from a peak driven by the war in Ukraine.
Gasoline prices dropped 6.7 percent in April and energy prices on the whole dropped 2.7 percent last month after double-digit gains in March. Gas prices are still up 44.7 percent over the past 12 months, and energy prices remain 30.3 percent higher than they were in April 2021.
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