Inflation moderates slightly, but prices remain high


Annual inflation fell slightly to 8.3 percent in April — down from an 8.5 percent annual rate in March — though upward price pressures continue, The Wall Street Journal reports Wednesday, per the U.S. Labor Department.
On a monthly basis, the consumer price index rose 0.3 percent from March to April. But the core-price index, which excludes volatile food and energy categories, "increased 0.6 percent on the month, a sharp pickup from March's 0.3 percent gain, providing a sign of broad-based inflationary pressure," the Journal writes.
"While it is heartening to see that annual inflation moderated in April, the fact remains that inflation is unacceptably high," President Biden wrote in a statement on Wednesday. "Inflation is a challenge for families across the country and bringing it down is my top economic priority," he continued, echoing the speech he gave Tuesday.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
In a bid at taming rampant inflation, the Federal Reserve meanwhile raised interest rates last week by half a percent. Wednesday's report also serves to underscore the challenges ahead of the central bank in their efforts, The Associated Press notes.
It's unclear when exactly the situation might improve, but economists predict inflation will remain high into 2023 — even if pressure cools slightly in the meantime.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
How generative AI is changing the way we write and speak
In The Spotlight ChatGPT and other large language model tools are quietly influencing which words we use
-
Can Nato keep Donald Trump happy?
Today's Big Question Military alliance pulls out all the stops to woo US president on his peacemaker victory lap
-
Easy Money: the Charles Ponzi Story – an 'enlightening' podcast
The Week Recommends Apple Original podcast explores the 'fascinating' tale of the man who gave the investment scam its name
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Tariffs were supposed to drive inflation. Why hasn't that happened?
Talking Points Businesses' planning ahead helped. But uncertainty still looms.
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off