US Inflation has slowed but is close to a 40-year high

Inflation in the United States eased in April, but annual inflation remained close to a 40-year high.

Many Americans still struggle to make ends meet, including food, shelter, and fuel, as well as medical care.

The first fall since August 2021. Prices rose 0.3% month-on-month in April, down from 1.2% in March

The annual rate of inflation fell to 8.3% from 8.5% in April. Has been at an invisible level since the 1980s. The CPI's food index rose 9.4% year-on-year.

The largest 12-month increase since April 1981. The profit rose 0.6% month-on-month from March.

In an effort to bring prices back under control, the Federal Reserve is set to raise interest rates sharply The rate has also increased a lot.

On Tuesday, Biden said his administration was doing its best to tackle inflation.

"I want every American to know that I take inflation very seriously," he said in a statement from the White House. "It simply came to our notice then.

The Biden administration has tried to reduce prices. In March, the White House announced plans to release up to 1 million barrels of oil per day from strategic reserves.

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