The Latest Inflation Report Just Dropped

US inflation remained near a four-decade high in April per the latest Consumer Price Index released yesterday, declining slightly to an annualized rate of 8.3% (from 8.5%). It’s the first time inflation has decreased in eight months.

💵 By the numbers...

• The core index, which excludes the often-volatile categories of food and energy, rose at an annual rate of 6.2%. 
• Energy costs were up 30.3% year over year and food prices rose 9.4%, the largest 12-month jump since 1981.
• The cost of airfare surged a record 18.6% compared to a year ago, largely driven by higher fuel prices and an increase in demand for travel.

📝 The bottom line: While the latest report shows that US inflation has likely peaked, the figures underscore the breadth of price increases in the economy and, when combined with firm wage growth, suggest high inflation will persist for some time, Bloomberg reports. Translation: We're not quite through this yet.