PassionIT News

Soaring inflation slowed in April. Will it bring a bit of relief to price-weary shoppers?

Paul Davidson

USA TODAY

1:05

2:36

<iframe id="goog_2138899133" src="https://imasdk.googleapis.com/js/core/bridge3.516.0_en.html#goog_2138899133"></iframe>

Inflation stayed elevated in April but eased off its 40-year high, signaling that a stomach-churning surge in consumer prices since last summer may have peaked.

The consumer price index increased 8.3% annually, down from 8.5% in March, as a drop in gasoline prices offset a continuing run-up in food, rent and other costs, the Labor Department said Wednesday. March’s yearly advance marked the fastest since December 1981.April’s pullback in the annual reading was the first since last August and halted five straight months of fresh 40-year highs. But hold off on that shopping spree. Overall consumer prices still edged up 0.3% from March.And much of the slowdown in the yearly measure reflected a 6.1% monthly drop in gas prices. Pump costs, however, have shot higher again in May, with regular unleaded hitting a record $4.37 a gallon Tuesday, up from $4.12 a month ago, according to AAA.