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Rate of inflation slowed in April, but food costs continue to surge, new data shows

Grocery Store
Posted at 8:45 AM, May 11, 2022
and last updated 2022-05-11 14:20:51-04

The rate of U.S. inflation slowed in April due to a drop in energy costs, data from the U.S. Bureau of Labor Statistics revealed Wednesday.

The data showed the price of all goods increased .3% in April. For the 12-month period ending in April, the price of goods increased 8.3%, which is down from a high of 8.5% set in March.

April’s report marked the first time since August 2021 that the rate of inflation decreased.

After energy prices jumped 11% in March alone, the cost of energy dropped 2.7% in April. Still, the price of energy has increased over 30% in the last year, the BLS reports.

However with gas prices back on the rise again, the blip could be temporary. The average cost of a gallon of regular gas reached a regular high of $4.40 on Wednesday.

The price of food continues to rise, increasing by .9% in April. In the last year, the overall cost of food increased by 9.4%.

The data also reveals that salaries are still struggling to keep up with inflation.

The average nonfarm hourly rate increased by 10 cents, or .3%, to $31.85 in April. In the last 12 months, the BLS reports that the average hourly rate for nonfarm work rose 5.5%.