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By Kristin Myers, Editor-in-Chief

What's Happening Today

Good morning! It's Kristin with your daily morning digest.

The rate of inflation is finally slowing. The latest report on the Consumer Price Index released this morning by the Bureau of Labor Statistics tracks price changes in consumer goods and services in the United States, and serves as an important gauge of inflation. The all items index rose 0.3% in April, significantly below March's monthly gain of 1.2%, as energy costs eased from the month before.

Meanwhile, the annual rate of inflation declined to 8.3%, a small step down from 8.5% in March, but still higher than the 8.1% economists had expected. Higher energy prices drove much of the annual increase, up over 30% from a year ago, despite a decline in the monthly rate for April. Food prices were up 9.4% from a year ago—the largest annual jump since 1981. Excluding volatile food and energy prices, the index rose 0.6% in April, and 6.2% from a year ago, down just slightly from March's annual rate of 6.5%.

The rising costs of groceries, clothes, goods, and other items are straining consumer wallets. A recent survey of The Balance's newsletter and social media readers found that 76% of respondents said they have cut back on spending because of inflation. More than one-fifth of readers told us they're struggling to pay basic bills like rent, while 29% said they were struggling "a little." Rising gas prices, which are currently at record highs, were noticed the most by readers.

With inflation declining at a slower pace than expected, the pressure is now on the Federal Reserve to be more aggressive in its fight against rising costs.

- Kristin

Editors' Picks

Inflation Rate Slows to 8.3% in April (The Balance)

Biden Says Combating Inflation and Rising Costs Is His Top Domestic Priority (NPR)

The Pandemic Has Been Punishing for Working Mothers. But Mostly, They've Kept Working (The New York Times)

Bitcoin Breaks Below $30,000 After Hotter-Than-Expected CPI Data (Bloomberg)

Here's Where To Sign Up for Subsidized Internet Service (The Balance)

Should Your First Home Be an Investment Property? (The Balance)

Is a Reverse Mortgage a Ripoff? (The Balance)

Off the Charts

As prices rise for gas and other items, Americans added $31.4 billion in credit card and other revolving debt in March, the biggest monthly jump in 16 years, according to data released Friday by the Federal Reserve.

Number of the Day

$7,270 - That's how much a $10,000 investment in Bitcoin was worth on Tuesday if you bought it after Super Bowl ads urged viewers to invest in digital financial assets.