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.

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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.