Inflation slowed in April, but prices continued their steady increase | KTBS
Inflation continued its steady rise in April, when the Consumer Price Index increased 8.3% over last year, according to data released Wednesday by the U.S. Bureau of Labor Statistics.
For the month, the CPI rose 0.3%. That’s down from the 1.2% spike in March, but higher than analysts expected. The 8.3% increase over last year remains near 40-year highs, the bureau reported…
The Georgia Center for Opportunity’s welcomed the slowed inflationary number, but said supply issues continue to drive up costs for everyone.
“The fact that inflation ticked down in April is welcome relief, but the rate is still higher than what economists predicted and is still running super hot,” Erik Randolph, GCO’s director of research, said in a statement. “A contributing cause to inflation is disruptions on supply. … Economics 101 teaches that increasing supply means both lower prices (lower inflation) and more employment and economic growth. Increases in demand have a trade-off between prices and employment/growth. Therefore, anything state governments can do to facilitate job growth and business growth will help mitigate inflationary pressures. In other words, enhancing the productive capacity increases supply, putting downward pressure on prices.”