Soaring inflation slows, but not enough to help struggling consumers

NEW YORK -- Soaring inflation slowed just a little bit in April, but not enough to significantly help out consumers who are experiencing sticker shock when pumping gas and buying food.

In a Midtown supermarket, college student Seokhyun Kim took extra time in the store aisles to root out deals.

"I just compare all the produces that have the cheapest price," Kim said.

A new government report shows grocery store prices jumped nearly 11% over the past year, and it's the largest increase since 1980.

"I definitely am eating a lot more chicken and rice," another shopper said.

Consumer prices for April jumped 8.3% compared to last year, which is slightly down from 8.5% in March. That was a ten-year high.

"Prepare for high inflation at these rates for several months, probably through the rest of 2022 and into 2023," said Caleb Silver, editor-in-chief of Investopedia.

Silver says the pandemic and ongoing war in Ukraine are keeping global oil and food prices elevated. The experts are advising shoppers to curb impulse buying.

"You can avoid the middle aisles of the supermarket, that's usually where the impulse buys come in. You can buy in bulk and plan out your meals a week or several weeks, in advance and you could maybe reduce spending on those ultra luxury items," Silver told CBS2's Dave Carlin.

President Joe Biden was in Illinois on Wednesday, announcing a new federal effort to help farmers with production.

"We have to keep investing in our farmers to reduce the cost, to reduce prices to consumers," Biden said.

"You can't spend money you don't have," Chelsea resident Steve Wavra said.

The 68-year old Navy veteran who lost his longtime job at a newspaper printing plant was getting donated lunch outside the Church of the Holy Apostle.

"Churches, soup kitchens, pantries, you have EBT," he said.

He and other Americans struggling to get by are hoping for more new longer-term solutions to a lingering problem.