US annual inflation accelerated more than expected, with the consumer price index rising 3.8% in April from a year ago. Economists expected a 3.7% increase, and it’s the highest inflation rate since 2023. CPI increased 0.6% from March, as expected, and was cooler than March’s 0.9% rise. The new inflation spike is starting to hit workers’ wallets and outpace wage growth. Real earnings dropped by 0.5% over the month and were down 0.3% over the year. Core CPI, which excludes volatile food and energy prices, increased 2.8% from a year ago in April, just above the forecast of 2.7% and the previous 2.6% increase. Core CPI ... (full story)