The Consumer Price Index was up 8.3% in the 12 months ended in April, the Bureau of Labor Statistics reported Wednesday, slightly higher than economists had predicted. It was a decrease from the 8.5% recorded in March, which had been the highest level in more than 40 years.

Stripping out more volatile product categories like food and energy, the CPI stood at 6.2% over the same period.

For April alone, prices increased by 0.3%, adjusted for seasonal swings, less than the 1.2% jump recorded in March. Without food and energy prices, core inflation rose 0.6%, more than the 0.3% advance in the prior month.

Wednesday’s data suggests that the inflation peak is behind us, just as economists, the Federal Reserve, the White House and the American people hoped. But there are still a lot of factors that will keep prices elevated over the summer.

The war in Ukraine has put pressure on energy and food prices. Meanwhile, renewed Covid-related lockdowns in China threaten to exacerbate the supply chain issues that the world has been struggling with over the past year. That means it’s uncertain how much the pace of inflation can slow down until these things are resolved.

This is a developing story. It will be updated.

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