Inflation accelerated 4.2% in April to mark the fastest pace in over 12 years, the Labor Department reported.
- The latest inflation print is the largest since September 2008’s 4.9%. This compares with 2.6% in March.
- Month-on-month, the headline inflation grew 0.8% after the 0.6% climb in March.
- Core inflation rose 0.9% to mark the largest monthly increase in decades since April 1982.
- The food index rose 0.4% as prices for both food at home and food away from home increased.
- Prices of used cars and trucks grew 10.0% to carve a record-high since the series started in 1953.
- The energy index posted a slight decline as the drop in gasoline prices offset increases in electricity and natural gas.
- Increases were also recorded in the shelter, airline fares, recreation, motor vehicle insurances, and household furnishings and operations.