US inflation dipped slightly in April, falling to 8.3% from 8.5% in March, the first fall since August 2021, but still above expectations of 8.1%
Despite the fall, inflation still remains extremely high. The CPI food index increased 9.4%, the largest annual increase since April 1981. However, indicies such as energy have begun to decline, as the sharp increases seen last year drop out of the annual comparison. The energy index fell by 2.7% in April, mainly due to a fall in gasoline prices. Joe Biden has said inflation was his "top domestic priority". "I want every American to know that I'm taking inflation very seriously," he said from the White House. Neil Birrell, CEO of Premier Miton Investors, said: "Anyone hoping that l...
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