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Happy Wednesday, Daily Money readers. Jayme Deerwester back with you after causing most of the consumer news team to go on a Billy Joel bender yesterday. At least one editor even made her kids listen to him in the car. (Sorry, not sorry.)
Inflation slows: Is the worst part over?
Inflation stayed elevated in April but eased off its 40-year high, signaling that a stomach-churning surge in consumer prices since last summer may have peaked.
The consumer price index increased 8.3% annually, down from 8.5% in March, as a short-lived drop in gasoline prices offset a continuing run-up in food, rent and other costs, the Labor Department said Wednesday. March’s yearly advance marked the fastest since December 1981.
April’s pullback in the annual reading was the first since last August and halted five straight months of fresh 40-year highs. But hold off on that shopping spree. Overall consumer prices still edged up 0.3% from March.
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Gas prices hit new all-time high
Well, those two weeks of sub-$4 gas prices were sure nice while they lasted.
U.S. gas prices hit an all-time record Tuesday, and experts don’t expect the pain at the pump to ease at the pump any time soon.
The average price for regular gas in the U.S. was $4.37 per gallon on Tuesday, according to AAA. Diesel prices also hit a record high of $5.55 per gallon.
Tuesday’s price beats the previous record set in early March, after Russia launched its invasion of Ukraine. Adjusted for inflation, however, gas prices have yet to surpass the 2008 record, which would be more than $5 per gallon today.
“We should get used to higher gasoline prices,” Matt Smith, an analyst with data analytics firm Kpler, told USA TODAY. “We shouldn’t expect to see them dropping back to $2 a gallon. Those times seem to have passed.”
🎧 Mood music 🎧
“I like my pizza with refried beans. Peep my ad, search YouTube. This ain’t even Mexican food. But I don’t care when the clock hits 2 a.m., p.m., if that is your mood.”
LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify.