U.S. consumer prices for goods and services in April jumped 0.8 percent, the biggest monthly gain in more than a decade.
Compared to a year ago, prices have increased 4.2 percent, its fastest rate since 2008. This price acceleration has been building for months, causing concern among some economists that inflation will accelerate.
“Inflation fears are growing and threaten to harm America’s economic recovery,” tweeted Florida’s Sen. Marco Rubio.
What goods and services were affected? Everything from food and clothes to housing prices rose sharply. The cost of used cars and trucks surged a record-setting 10 percent and accounted for about one-third of April’s overall increases.
Prices for both new and used cars have soared due to a large demand and a computer chip shortage that has slowed auto production.
This story originally appeared in WORLD. © 2021, reprinted with permission. All rights reserved.