HOUSTON – For years, nationwide inflation has been a thorn in people’s sides, but could there finally be some relief in sight?
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A CNBC report revealed inflation eased in April to its lowest annual rate in four years, with consumer prices up 3.4% over the past year and 0.3% for the month, according to the latest CPI report from the U.S. Bureau of Labor Statistics
Lower food and energy costs helped slow the pace, though shelter and gas still nudged prices higher.
Consumer prices also rose 2.3% in April from a year ago, the Labor Department said Tuesday, down from 2.4% in March and the smallest increase in more than four years.
On a monthly basis, prices rose modestly, increasing 0.2% from March to April after falling 0.1% the previous month, the first drop in five years.
Grocery prices dipped 0.4% from March to April, in what will come as a relief to many people stretching family budgets for the basics.
It was the biggest decline in food costs at home since September 2020, the government said. Egg prices fell sharply, declining 12.7%, the most in 41 years. Even still. they are 49% higher than a year ago.
SEE ALSO: Houston named city with most financially distressed residents
Overall, the report suggests tariffs haven’t yet impacted prices for many items. Economists say the impact will more likely be seen by June or July.
The 10% tariff on all goods that took effect April 5 could take two to three months to feed into the inflation data. Many companies built stockpiles of products earlier this year, enabling them to delay price hikes in hopes that the trade war will cool.
That’s why KPRC 2 wants to hear from Houston residents: Are you starting to feel any relief in day-to-day expenses like rent, groceries, or fuel?
KPRC 2 will also be speaking LIVE with an expert at 4:30 p.m. during our broadcast - share any questions you’d like us to ask in the comments below!
The Associated Press contributed to this report.
