US inflation hits 3.8% in April, wages fail to keep pace for first time in three years
By
Alicia Wallace
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Summary
US inflation rose to 3.8% in April, the highest since May 2023, with prices increasing 0.6% month-over-month. For the first time in three years, Americans' wages are no longer outpacing inflation, meaning rising costs are eroding real income and purchasing power for workers.
Key quotes
· 3 pulledFor the first time in three years, Americans' wages are no longer outpacing inflation.
Prices rose 0.6% on a monthly basis, driving the annual rate to 3.8%, the highest since May 2023.
Economists had expected prices to rise 0.6% from March and for the annual rate to climb to 3.7%.
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