Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs
Updated On: May 12, 2022
May 11, 2022 from CNBC.com
The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.
Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%.
Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.
Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.
"The price gains also meant that workers continued to lose ground. Real wages adjusted for inflation decreased 0.1% on the month despite a nominal increase of 0.3% in average hourly earnings. Over the past year, real earnings have dropped 2.6% even though average hourly earnings are up 5.5%."