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Consumer inflation increased another 8.3 percent annualized in April, according to the latest data compiled by the Bureau of Labor Statistics (BLS), amid increases in prices for housing, food, airline tickets and new vehicles. And it is crushing wages, with BLS reporting a 2.6 percent drop in real average hourly earnings, thanks to the inflation. Inflation has now been north of 5 percent since June 2021, in what is the worst inflation since the late 1970s and early 1980s. It caused recessions then, and it may have already induced another recession now just two years after the 2020 Covid recession.