Key inflation gauge hits 3.8% in April, highest in three years, squeezing American households
By
Christopher Rugaber
Crackles when you bite it. Shows the baker did the work.
Summary
The Commerce Department reported that a key inflation gauge rose to 3.8% in April, the highest level in three years, driven by spiking gas prices and higher food costs. This marks an increase from 3.5% in March and is the highest since May 2023. Monthly prices rose 0.4%, down from 0.7% in March. The persistent inflation is squeezing Americans' finances and could pose political problems for congressional Republicans in the upcoming midterm elections.
Key quotes
· 3 pulledA key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans' finances.
Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% in March and the highest since May 2023.
The report showed that prices have risen for many items in addition to gas, a sign inflation could persist and pose problems for congressional Republicans in this year's midterm elections.
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