Inflation slow? Above wage gains

WASHINGTON - After a year of soaring prices, inflation may have eased in April from a 40-year high, the first downturn after seven straight months of price increases. The government is expected to report May 11 that consumer prices jumped 8.1% in April compared to April 2021, according to a survey by data provider FactSet. It would be down from the 8.5% year-over-year surge in March, the highest since 1981. The anticipated drop in inflation, if it happens, would add to signs that consumer inflation may be peaking. Month-to-month price increases are also easing. April's rate marks the second-highest inflation in four decades and burdening especially low-income Americans. It would be a modest step on the road back to the mild 2% inflation the Fed set as its target. Some economists expect annual price increases to settle into a 5%-to-6% range by December, a level that will probably exceed average wage gains. (Source: The AP 05/11/22) US inflation might have dipped last month from 40-year high | AP News