US Inflation Finally Shows Signs Of Slowing Down

The United States' national inflation rate continued to rise in April, but may finally be showing signs of potentially slowing down.

Data released by the U.S. Bureau of Labor Statistics on Wednesday (May 11) confirmed that consumer prices increased by 0.3 percent this month, which was significantly less than the 1.2 percent rise in March, NBC News reports.

The April 2022 growth is also significantly less than the inflation rate increase of 8.3 percent in April 2021, which was only 0.2 percent less than March 2021.

The change in the price of goods and services not including food and energy -- which is the core statistic measuring inflation -- in April 2022 was 0.6 percent, a 0.3 percent increase from March 2022.

Inflation has been marked at a 40-year high since December 2021, but the new data shows the slowest increase since that point.

The report comes as many Americans continue to deal with rising costs as gas prices, specifically, hit record highs this week, though that wasn't included in the data released on Wednesday.

President Joe Biden's administration and the Federal Reserve have both addressed inflation as one of America's top economic concerns recently.

Last week, the Federal Reserve increased its benchmark interest rate by 0.5 percent, the largest hike in two decades.

President Biden addressed the rising inflation rate on Tuesday (May 10), acknowledging steps taken by his administration aiming to lower consumer prices, though not announcing any new policy initiatives.

"I believe inflation is our top economic challenge right now,” Biden said via NBC News.