NATIONAL NEWS

Consumer Prices Shot Up 0.8% In April As Worries Escalate

May 12, 2021, 8:09 AM
FILE: Clark resident Jen Valencia sanitizes her hands at checkout as she supplements her income wor...
FILE: Clark resident Jen Valencia sanitizes her hands at checkout as she supplements her income working for Instacart at Acme Market on April 27, 2020 in Clark, New Jersey. (Photo by Michael Loccisano/Getty Images)
(Photo by Michael Loccisano/Getty Images)

WASHINGTON (AP) — A worrisome bout of inflation struck the economy in April, with U.S. consumer prices surging 0.8% and the year-over-year increase reaching its fastest rate since 2008.

The acceleration in prices, which has been building for months, has unsettled financial markets and raised concerns that it could weaken the economic recovery from the pandemic recession.

Wednesday’s report from the Labor Department indicated that that the prices that consumers pay for everything from food and clothes to new cars rose at a faster pace than last month’s 0.6% rise. And over the past 12 months, prices are up 4.2% — the fastest rise since a 4.9% gain in the 12 months that ended in September 2008. Excluding volatile food and energy, core inflation jumped 0.9% in April and are 3% over the past 12 months.

After years of dormant inflation, with the Federal Reserve struggling to increase it, worries about rising prices have shot to the top of economic concerns. Shortages of goods and parts related to supply bottlenecks have been a key factor.

Investors have grown increasingly jittery. On Tuesday, with the Dow Jones Industrial Average falling by more than 470 points or 1.4%, its worst day since Feb. 26.

April’s sharp increase in inflation was led by a record 10% surge in the price for used cars and trucks.

KSL 5 TV Live

Top Stories

National News

An illustration shows NASA's DART spacecraft and the Italian Space Agency's LICIACube prior to impa...
Ashley Strickland, CNN

What will be visible when DART spacecraft crashes into tiny asteroid

The NASA Double Asteroid Redirection Test aims to make history on Monday at 7:14 p.m. ET when it slams into Dimorphos, a tiny asteroid moon orbiting the larger asteroid Didymos.
2 days ago
NASA’s Artemis I rocket sits on launch pad 39-B at Kennedy Space Center as it is prepared for an ...
MARCIA DUNN, AP Aerospace Writer

Approaching storm may delay launch try for NASA moon rocket

NASA's new moon rocket could face more launch delays, this time by tropical weather.
2 days ago
Arizona Governor Doug Ducey speaks at a Make America Great Again campaign rally on October 19, 2020...
BOB CHRISTIE, AP

Arizona judge: State can enforce near-total abortion ban

Arizona can enforce a near-total ban on abortions that has been blocked for nearly 50 years, a judge ruled Friday, meaning clinics across the state will have to stop providing the procedures to avoid the filing of criminal charges against doctors and other medical workers.
2 days ago
Courtesy 20th Century Studios
23 Sep 22...
Jason Carroll and Lisa Respers France, CNN

James Cameron says ‘Avatar 2’ is ‘more emotional’ than the original

James Cameron spoke to the differences of the new film.
2 days ago
WASHINGTON, DC - File photo: House Minority Leader Kevin McCarthy (R-CA).(Photo by Liz Lynch/Getty ...
LISA MASCARO AP Congressional Correspondent

McCarthy unveils House GOP’s midterm agenda in Pennsylvania

House Republican leader Kevin McCarthy on Friday confronted President Joe Biden and the Democratic majority in Congress with a conservative midterm election agenda filled with Trump-like promises, working not only to win over voters but to hold together the uneasy coalition of his own party that has struggled to govern.
2 days ago
A sign is posted in front of a Tesla service center on April 20, 2022 in Fremont, California. Tesla...
Associated Press

Over 1M Teslas recalled because windows can pinch fingers

Tesla is recalling nearly 1.1 million vehicles in the U.S. because the windows can pinch a person's fingers when being rolled up.
2 days ago

Sponsored Articles

young woman with stickers on laptop computer...
Les Olson

7 ways print marketing materials can boost your business

Custom print marketing materials are a great way to leave an impression on clients or customers. Read for a few ideas to spread the word about your product or company.
young woman throwing clothes to organize a walk in closet...
Lighting Design

How to organize your walk-in closet | 7 easy tips to streamline your storage today

Read our tips to learn how to organize your walk-in closet for more storage space. These seven easy tips can help you get the most out of your space.
Types of Computer Malware and Examples...
PC Laptops

5 Nasty Types of Computer Malware and Examples | Everything You Need to Know to Keep Your Computer and Family Safe

Here are the different types of computer malware and examples that could potentially infect your computer.
tips how to quit smoking...

7 Tips How to Quit Smoking | Quitting Smoking Might be One of the Hardest Things You Ever Do but Here’s Where You Can Start

Quitting smoking cigarettes can be incredibly difficult. Here are 7 tips how to quit smoking to help you on your quitting journey.
Photo: Storyblocks...
Blue Stakes of Utah 811

Blue Stakes of Utah 811: 5 Reasons To Call 811 Before You Dig When Working in Your Yard

Call before you dig. Even at home, you could end up with serious injuries or broken utilities just because you didn't call Blue Stakes of Utah 811.
Days of...
Days of '47 Rodeo

TRIVIA: How well do you know your rodeo? Take this quiz before you go to the Days of ’47!

The Utah Days of ’47 Rodeo presented by Zions Bank is a one-of-a-kind Gold Medal Rodeo being held July 20-23, 25 at 7:30 PM. The Days of ’47 Rodeo How well do you know your rodeo trivia? Take the quiz to test your know-all before heading out to the Days of ’47 Rodeo at the […]
Consumer Prices Shot Up 0.8% In April As Worries Escalate