Consumer Prices Jump 0.8% in April As Worries Escalate

Over the past 12 months, prices are up 4.2% — the fastest rise since a 4.9% gain in the 12 months ending in September 2008.

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In this photo provided by the New York Stock Exchange, traders work on the floor, Friday, May 7, 2021. Stocks are rallying to records on Wall Street Friday despite a stunningly disappointing report on the nation's job market, as investors see it helping to keep interest rates low. (Nicole Pereira/New York Stock Exchange via AP)
Image via AP Photo/Nicole Pereira

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

WASHINGTON (AP) — U.S. consumer prices surged 0.8% in April, pushing the rise in inflation over the past year to the fastest rate in more than a decade, an acceleration that has stirred rising worries about its effect on the economy. The Labor Department reported Wednesday that the price consumers pay for their purchases of everything from food and clothes to new cars rose at a faster pace than last month’s 0.6% rise. Over the…

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