The rate of U.S. inflation slowed in April due to a drop in energy costs, data from the U.S. Bureau of Labor Statistics revealed Wednesday.
The data showed the price of all goods increased .3% in April. For the 12-month period ending in April, the price of goods increased 8.3%, which is down from a high of 8.5% set in March.
April’s report marked the first time since August 2021 that the rate of inflation decreased.
After energy prices jumped 11% in March alone, the cost of energy dropped 2.7% in April. Still, the price of energy has increased over 30% in the last year, the BLS reports.
However with gas prices back on the rise again, the blip could be temporary. The average cost of a gallon of regular gas reached a regular high of $4.40 on Wednesday.
The price of food continues to rise, increasing by .9% in April. In the last year, the overall cost of food increased by 9.4%.
The data also reveals that salaries are still struggling to keep up with inflation.
The average nonfarm hourly rate increased by 10 cents, or .3%, to $31.85 in April. In the last 12 months, the BLS reports that the average hourly rate for nonfarm work rose 5.5%.
