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April's consumer price index report expected to show inflation has peaked in the U.S.

Posted at 6:08 AM, May 11, 2022
and last updated 2022-05-11 06:08:32-04

(WXYZ) — Wednesday’s consumer price index will show just how much Americans have been paying for everything from gasoline to hamburger meat.

Right now, analysts believe the April index will show that inflation has already peaked.

This comes as AAA reports a new record high gas average for Michiganders who are now paying on average $4.38 at the pump.

If analyst predictions are correct, this is good news for consumers everywhere. But when will we feel the relief?

Last month's index report showed inflation at 8.1%. That's down from 8.5% in March.

That fallout from Russia's invasion of Ukraine and the COVID-19 pandemic continue to be driving factors in the rise of inflation.

“I want every American to know that I'm taking inflation very seriously and it's my top domestic priority," President Joe Biden said Tuesday.