Braking Down The News

Grocery, Airfare Inflation Reached Historic Highs in April; Gas Prices Eased

Used car costs began to moderate, but new vehicles were more expensive last month

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Americans paid less for gasoline but more for groceries and air travel last month as the broader pace of inflation eased slightly but remained historically high.

A fall in energy costs led the way toward the smaller overall gain, with gasoline prices dropping a seasonally-adjusted 6.1% in April, following a steep advance in crude-oil prices in March after Russia’s invasion of Ukraine. Groceries rose by 1% over March and were up 10.8% over the last 12 months, the largest 12-month increase since November 1980, the Labor Department said.

 

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