Inflation surges higher-than-expected 8.3% in April, near 40-year record
(Worthy News) – Inflation surged a higher-than-expected 8.3% in April, staying near its steepest level in decades as the Federal Reserve scrambles to cool the economy with a series of rate hikes that have rattled investors.
The data indicated inflation ticked down slightly after hitting 8.5% in March — but not as much as economists had forecast, highlighting the tricky task ahead for the Fed as it aims to tamp down price increases without triggering a recession.
On a monthly basis, the Consumer Price Index, a key inflation gauge that tracks what consumers pay for goods and services, rose 0.3% from March to April. That was down from a whopping 1.2% increase from February to March. [ Source: NY Post (Read More…) ]
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