New data today: Americans' paychecks are lagging behind inflation for the first time in three years, Axios' Courtenay Brown reports.

• That's amid an energy shock and other effects of the Iran war.

📈 The Consumer Price Index, which measures inflation, rose 3.8% in April year over year. That's up from 3.3% in March.

• Wages increased 3.6% — better than March, but not enough to offset inflation.
• In other words, worker pay fell 0.2% in real terms.

🛢️ Higher energy prices accounted for the bulk of last month's jump in inflation, rising nearly 4% after gaining about 11% in March.

• Food prices also soared in the second full month of the war.

🌊 James McCann, a senior economist at Edward Jones, writes in a note: "American households continue to feel the brunt of surging energy costs, adding to the deluge of inflation they have weathered since the pandemic."

• "Moreover, with the Strait of Hormuz still effectively shuttered, the risk that we are not past the peak of these price pressures is rising."

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Google today unveiled the Googlebook, a Chromebook successor with deeper Gemini AI integration, Axios' Ina Fried reports.

• The Googlebook's most visible change is the Magic Pointer, which summons Gemini at the wiggle of a cursor.

👨🏽‍💻 The laptops will come in a variety of sizes and from a number of companies, including Acer, Asus, Dell, HP and Lenovo.

• The first models are due out this fall.

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1. 🚢 Federal prosecutors announced charges against a ship operator and a key employee in the fatal 2024 collapse of Baltimore's Francis Scott Key Bridge. Get the latest.
2. 🦠 The World Health Organization has confirmed nine cases of hantavirus tied to the latest outbreak so far. WHO director-general Tedros Adhanom Ghebreyesus said today that there's "no sign that we are seeing the start of a larger outbreak," but added, "we might see more cases in the coming weeks." Go deeper.
3. 🌤️ CNN released a new weather app, marking its first stand-alone lifestyle product since launching a new digital strategy last year. More from Sara Fischer.

Stephen Colbert of CBS' "The Late Show" hosted a quartet of his "best television friends" last night ahead of his final show on May 21.

• Fellow late-night hosts Jimmy Kimmel, Jimmy Fallon, John Oliver and Seth Meyers joined Colbert for the send-off.

🎙️ Colbert joked: "The five of us being here right now — obviously it's dangerous, because we represent so much of late night."

• "Jon Stewart is designated survivor tonight. Someone has to survive for the president to be mad at — and do our eulogies."

What's next: ABC's Jimmy Kimmel is airing a rerun on the night of Colbert's last broadcast, so the shows don't compete — a "tip of the cap," as Variety puts it.

• Go deeper ... Highlight reel.