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Consumer prices spiked 4.2% year-over-year in April

ABC News logo ABC News 5/12/2021
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Consumer prices spiked sharply in April, according to new data released Wednesday by the Department of Labor.

The consumer price index, a barometer that measures what consumers pay for everyday goods and services, jumped by 4.2% in the year through April, the DOL said. It rose by 0.8% in April alone.

This marks the largest one-year increase seen since September 2008.


Video: U.S. consumer prices post biggest gain in 8-1/2 years as economy reopens (Reuters)

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MORE: How New Jersey's biggest city is using guaranteed income to aid pandemic recovery

a store filled with lots of fresh produce © John Minchillo/AP, FILE The closely watched data comes amid mounting fears of inflation from investors, but also reflects unique factors as the pandemic recovery is finally gaining steam.

This is a developing story. Please check back for updates.

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