US inflation rose to 3.8% in April, eroding Americans’ paychecks
By Alicia Wallace, CNN
(CNN) — For the first time in three years, Americans’ wages are no longer outpacing inflation.
Prices rose 0.6% on a monthly basis, driving the annual rate to 3.8%, the highest since May 2023, according to the latest Consumer Price Index data released Tuesday by the Bureau of Labor Statistics.
Economists had expected prices to rise 0.6% from March and for the annual rate to climb to 3.7%.
The energy price shock from the US-Israeli war with Iran is further compounding longstanding affordability concerns for Americans, who have been weighed down by years of fast-rising prices.
This story is developing and will be updated.
The-CNN-Wire
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