Friday, May 13, 2011

Inflation Rises At Fastest Rate Since '08

May 13, 2011 NEW YORK (CNNMoney) -- Inflation accelerated to its fastest annual pace in two and a half years in April, as surging gas prices continued to hit American consumers. The Consumer Price Index, the government's key inflation measure, rose 3.2 percent over the last 12 months ended April 30, according to Friday's report from the Labor Department. It was the biggest 12-month jump since October 2008. More than half of the increase was due to rising energy prices, the government said. Gas prices alone surged 3.3 percent in April, and are up 33.1 percent over the past year. Meanwhile, food prices rose 0.4 percent during the month, or 3.2 percent over the last 12 months.


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