The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.

Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%.

Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.

Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.

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