U.S. Inflation reached to 8.3 percent Annual Rate in April.
U.S. inflation remained close to its highest annual rate in four decades last month, declining only slightly to 8.3 percent, showing that the economy continued to face upward price pressures.
Last month, the Labor Department’s consumer-price index reading marked the first drop in inflation in eight months, down from an 8.5% annual rate in March. But the decline came primarily from a slight easing in April gasoline prices, which reached a new high on Tuesday. Broadly, the report offered little evidence that inflation was cooling.
The most significant sectors that influenced the higher side were Transportation services, and utility gas prices increased by 3.1percent, while gasoline prices dropped by 6.1 percent.
The food at home index rose 10.8 percent over the last 12 months, the most significant 12-month increase since the period ending November 1980. In addition, the index for meats, poultry, fish, and eggs increased 14.3 percent over the last year, the most significant 12-month increase since the period ending May 1979.
The other major grocery store food group indexes also rose over the past year, with increases ranging from 7.8 percent (fruits and vegetables) to 11.0 percent (other food at home).