American households are confronting the steepest inflation in a generation, paying more for everything from cars to food to rent as soaring prices eat away at most workers' wage gains.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.3% in April from a year ago, below the 8.5% year-over-year surge recorded in March. Prices jumped 0.3% in the one-month period from March.
Americans are increasingly likely to see far more expensive grocery bills. In all, food prices jumped 9.4% in April from the previous year, with the largest monthly increases in cereal and bakery products , meats, poultry, fish and eggs and dairy . The cost of new vehicles, meanwhile, is up 13.2% from the prior year, largely because semiconductor shortages continue to delay car manufacturing. On a monthly basis, the price of new vehicles jumped 1%.The price of everyday goods that Americans have in their homes is also on the rise. Shelter costs, which account for about one-third of the CPI, jumped 0.5% for the month and are up 5.1% year over year, the fastest gain since 1991.
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