Inflation hits 8.3% from a year ago

Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs
  • The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.
  • Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%.
  • Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.
  • Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.

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