https://www.nationalreview.com/corner/inflation-a-long-way-to-go/
The news that the headline rate of inflation (CPI) had eased slightly (to 8.3 percent) was, of course, better than news that it had increased, but, like one of those days when the Entente reported having seized an extra hundred feet of mud on the Western Front in 1916, it was no real cause for celebration.
As AP’s Christopher Rugaber noted:
Wednesday’s report contained some cautionary signs that inflation may be becoming more entrenched. Excluding the volatile food and energy categories, so-called core prices jumped twice as much from March to April as they did the previous month. The increases were fueled by spiking prices for airline tickets, hotel rooms and new cars. Apartment rental costs also kept rising.
I can see how the surge in the cost of airline tickets might ease after a while but, given how rising home prices take a while to percolate through to “shelter” costs for the purposes of the CPI, that’s one area (I reckon) that will not be showing slower increases any time soon.
Rugaber:
In April, a fallback in gas prices helped slow overall inflation. Nationally, average prices for a gallon of gas fell to as low as $4.10 in April, according to AAA, after having spiked to $4.32 in March. But since then, gas prices have surged to a record $4.40 a gallon.
Grocery prices, too, are still soaring, in part because Russia’s invasion of Ukraine has heightened the cost of wheat and other grains. Food prices rose 1% from March to April and nearly 11% from a year ago. That year-over-year increase is the biggest since 1980.