Inflation rose at its fastest pace in more than 12 years for April as businesses reopened and the pandemic eased, the feds said Wednesday.
The Labor Department’s Consumer Price Index, which measures a basket of goods as well as energy and housing costs, jumped 4.2 percent in April from a year earlier. That’s the biggest 12-month rise since the summer of 2008.
Economists surveyed by Dow Jones expected a 3.6 percent spike in prices.
Consumer prices rose 0.8 percent from March on a seasonally adjusted basis. Soaring prices for used cars and trucks, which jumped 10 percent from March, accounted for more than a third of that increase, the Labor Department said.