Consumers Continue to Struggle as U.S. Inflation Rate Hits Fastest Pace Since 2008

The accelerating U.S. inflation rate reached its fastest pace in two and a half years last month as consumers continue dealing with higher food and energy prices . The consumer price index (CPI) in April rose 3.2% over the last 12 months, the biggest yearly jump since October 2008. That's up from a yearly jump of 2.7% in March and 2.1% in February. The CPI in April increased 0.4% from the previous month. The U.S. Labor Department reported Friday that rising energy prices contributed to more than half of the increase. Gasoline prices soared 3.3% in April and 33.1% over the past year.
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