Consumer prices tick up for 6th straight month
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Consumer prices tick up for 6th straight monthConsumer prices tick up for 6th straight month
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Consumer prices in April crept up by the highest percentage in 10 months, driven by higher costs for gasoline, shelter and food.
The consumer price index increased 0.3% after rising 0.2% in March, the Labor Department said Thursday. April's increase was the largest one-month jump since last June, when the CPI also rose 0.3%.
Prices are up 2% over the past 12 months.
Excluding the volatile food and energy sectors, prices rose 0.2% in April and are up 1.8% over the last year.
Economists had expected a monthly increase of 0.3% for all prices.
Inflation has been running well below the Federal Reserve's 2% annual target — a sign of a still-weak economy. But price increases accelerated recently, a possible harbinger of stronger growth. The government reported this week that producer prices rose sharply in April.
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