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US consumer prices spike even worse than expected

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Inflation Spike

Prices of consumer goods continue to soar across America, the latest official print of the Consumer Price Index confirmed on Wednesday, showing price growth at 8.3% over the last 12 months as of April. This marks the eleventh straight month of inflation registering over 5% and exceeds the 8.1% expected by economists polled by Dow Jones, cited by CNBC.

The sharpest cost increases came in the categories of shelter, food, airline fares, and new vehicles, and while the index for energy declined, the American Automobile Association revealed on Tuesday that the price of gasoline had hit record highs.

Making matters worse, the Bureau of Labor Statistics revealed that average hourly earnings for workers declined 2.6%, if adjusted for seasonal factors and inflation, since last April. With inflation at its highest rate in 40 years on top of so many other benchmarks presaging economic turbulence and no clear

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