Inflation hits 3.8% in April, surpassing wage growth for first time since 2023
By
Steve Kopack
Toasted to a respectable shade. No regrets, no crumbs left.
Summary
Inflation surged to 3.8% in April, its highest level in nearly three years, driven by the war in Iran causing energy price spikes. For the first time since 2023, inflation is now outpacing wage growth, worsening the affordability crisis for American consumers as wage gains have been slowing over the past two years.
Key quotes
· 3 pulledInflation surged to 3.8% in April, its highest level in nearly three years, according to data released Tuesday, as the war in Iran causes a ripple effect across the economy and energy prices surge.
April's inflation rate means prices are now rising faster than wages for the first time since 2023, which could aggravate the affordability crisis that has already been gripping consumers.
The pace of wage gains has been slowing over the past two years.
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