US inflation dips from 4-decade high but still causing pain
WASHINGTON — 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. Those price jumps “make clear that there is still a long way to go before inflation returns to more acceptable levels,” said Eric Winograd, U.S. economist at asset manager AB. Inflation is also posing a serious political problem for President Joe Biden and congressional Democrats in the midterm election season, with Republicans arguing that Biden’s $1.9 trillion financial support package last March overheated the economy by flooding it with stimulus checks, enhanced unemployment aid and child tax credit payments. 1 problem facing families today” and “my top domestic priority.” Previous signs that U.S. inflation might be peaking didn’t last. One of the Fed’s concerns is that Americans might start to expect chronically high inflation, which can make rising prices harder to bring under control because such expectations can be self-fulfilling.
CPI report: US stocks surge after latest inflation report shows progress on price hikes
CPI report: US stocks surge after latest inflation report shows progress on price hikes
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