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What Peak? Inflation Is Still Running Rampant.

Price pressures are still torrid, despite slight cooling vs. March numbers.

By Molly Smith & Olivia Rockeman | May 11, 2022 at 01:29 PM

Americans got little respite from inflation in April, as prices for a range of necessities and discretionary-spending categories continued to climb at some of the fastest rates ever.

While annual measures of consumer prices cooled slightly from March—signaling a peak that economists expected—the details of a report Wednesday painted a more troubling picture, as monthly figures advanced more than forecast. Services costs accelerated, and inflation for most goods remained stubbornly high, underscoring the persistence and breadth of price pressures.

There’s little relief in sight as Russia’s invasion of Ukraine, combined with Covid lockdowns in China, further disrupt supply chains and push up prices for everyday essentials. That’s only going to make the task of taming inflation without tipping the economy into a recession more challenging for the Federal Reserve. The situation also increases the heat on President Joe Biden ahead of midterm elections.

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