U.S. consumer prices rose 4.2% in April from a year ago, faster than expected
Inflation accelerated at its fastest pace in more than 12 years for April as the U.S. economic recovery kicked into gear and energy prices jumped higher, the Labor Department reported Wednesday.
Excluding volatile food and energy prices, the core CPI increased 3% from the same period in 2020 and 0.9% on a monthly basis. The respective estimates were 2.3% and 0.3%.Energy prices overall jumped 25% from a year ago, including a 49.6% increase for gasoline and 37.3% for fuel oil. Used car and truck prices, which are seen as a key inflation indicator, surged 21%, including a 10% increase in April alone.
For that reason, Federal Reserve policymakers and many economists are dismissing the current round of numbers as transitory, with the expectation that inflation settles down later this year around the 2% range targeted by the central bank.
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