Consumer prices spiked in April, growing at fastest pace in more than 12 years [View all]
Source: NBC News
Consumer prices for the month of April rose the most since September 2008, an indication of soaring demand dovetailing with continued supply chain interruptions, according to the latest monthly data released Wednesday by the Bureau of Labor Statistics.
The Consumer Price Index, a measurement of price changes for items ranging from food to clothing to pet products, jumped by 0.8 percent in April, beating expectations of 0.2 percent, or 2.3 percent year over year.
Car sales led the surge, with used cars and trucks rising by 10 percent in April, the largest month-to-month increase in the index's history. Housing, airlines, recreation, motor vehicle insurance, and household furnishings also contributed to the overall increase, the agency said.
The food index rose sharply as well, rising by 0.4 percent for both home-cooked meals and dining.
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