The US consumer price index (CPI), a broad-based measure of prices for goods and services, was released on Wednesday, showing that prices rose 8.3% in April.
Officials hope soaring inflation might be slowing down, even as households continue to feel the pain, The Washington Post reports.
Still, inflation has been the single biggest threat to economic recovery, according to CNBC, as rising prices spread beyond the pump and grocery stores into housing, auto sales and a host of other areas.
Those price jumps “make clear that there is still a long way to go before inflation returns to more acceptable levels,” said Eric Winograd, U.S. economist at asset manager AB.
Even if it moderates, inflation will likely remain high well into 2023, economists say, leaving many Americans burdened by price increases that have outpaced pay raises. Especially hurt are lower-income and Black and Hispanic families, who on average spend a greater proportion of their incomes on gas, food and rent.