Inflation is showing no signs of slowing down, making it harder for workers to make ends meet.
The Consumer Price Index increased 8.3% from a year ago, higher than the 8.1% estimate, according to the U.S. Bureau of Statistics.
Although it was down slightly from the March peak, inflation is still growing at the fastest annual pace in about four decades.
“Rising prices are putting household budgets in a vise,” said Greg McBride, chief financial analyst at Bankrate.com. “Price increases are widespread, but look at food and shelter — which together account for 40% of the weighting in the CPI and more than that for many households.”
Food prices are up at the fastest pace in more than 41 years and the shelter index, which makes up about one-third of the CPI weighting, was up 5.1% on a yearly basis, its fastest gain since March 1991.
While wage growth is high by historical standards, it isn’t keeping up with the increased cost of living.