Inflation rises at fastest rate since October 2008

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% 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.

Meanwhile, so-called core-CPI, which strips out volatile food and energy prices and is considered a better long-term predictor of inflation, rose 1.3% from a year ago.

Read Full Article from CNN

- Posted: 2011-05-13 08:34:17

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