Consumer prices jumped sharply in last 12 months
New data from the Department of Labor reveals that consumer prices spiked sharply in April, ABC News reports.
The information was released Wednesday morning and revolved around the consumer price index, which is a barometer that measures what consumers pay for everyday goods and services.
According to the new data, the consumer price index climbed by 4.2% in the year through April, and rose by 0.8% in April alone.
ABC News notes that this is the most significant one-year increase seen since September 2008.
Prices for used vehicles surged by 10% in April, marking the largest 1-month increase since record-keeping for the series began in 1953. This was triggered, at least in part, by a global chip shortage and served as a major contributor to the overall consumer price increase.
Food became more expensive too, with the food index increasing by 0.4% in April, according to the Department of Labor's new data.
However, prices of energy saw a slight decrease. This isn't likely to last long though. ABC News points out this will probably change due to the shutdown of the Colonial Pipeline.
According to the new data, the core index jumped by 3% over the past 12 months and 0.9% in April alone.
As US prices increase due to recent stimulus payments, experts say the full impact of inflation on the nation's pandemic-impacted economy remains to be seen.
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