Inflation eased slightly in April after months of relentless increases but remained near a four-decade high, making it hard for millions of American households to keep up with surging prices
. That was below the 8.5% year-over-year surge in March, which was the highest since 1981. On a monthly basis, prices rose 0.3% from March to April, the smallest rise in eight months.
Even if it moderates, inflation will likely remain high well into 2023, economists say, leaving many Americans burdened by price increases that have outpaced pay raises. Especially hurt are lower-income and Black and Hispanic families, who on average spend a greater proportion of their incomes on gas, food and rent.
Grocery prices, too, are still soaring, in part because Russia’s invasion of Ukraine has heightened the cost of wheat and other grains. Food prices rose 1% from March to April and nearly 11% from a year ago. That year-over-year increase is the biggest since 1980. Likewise, David Irby of Halifax, Virginia, said he's been cutting back on food and other higher-cost expenses. A veteran who retired on disability in 2015, Irby, 57, said he has switched to chicken from beef and quit buying bacon or junk food, like his favorite treat, Cheetos.
Turmoil overseas could potentially accelerate inflation in the coming months. If the European Union, for example, decides to bar imports of Russian oil, world oil prices could rise. So could U.S. gas prices. And China's COVID lockdowns could worsen supply chain snarls.
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