Inflation grew by 8.3% in April – this is higher than what was expected.
Inflation retreated in April but remained higher than forecast.
The Department of Labor said Wednesday that the Consumer Price Index rose 8.3 percent compared with a year ago. Prices were up 0.3 percent compared with the prior month.
Workers are also feeling it. Real Wage growth continues to drop.
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%.
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