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

National News

FILE: A person scans and downloads an app to start the process of converting their physical driver ...

Associated Press

Americans reporting nationwide cellular outages from AT&T, Cricket Wireless and other providers

A number of Americans are dealing with cellular outages on AT&T, Cricket Wireless, Verizon, T-Mobile and other service providers.

47 minutes ago

metal container with slides frozen in the bottom...

Laura Ungar, Science Writer

How Alabama court ruling that frozen embryos are children could affect IVF

The Alabama Supreme Court recently ruled that frozen embryos can be considered children under state law. This is raising concerns about how the decision could affect in vitro fertilization, commonly known as IVF.

12 hours ago

FILE...

Gene Johnson, Associated Press

Seattle officer who struck and killed graduate student from India won’t face felony charges

Prosecutors in Washington state said Wednesday they will not file felony charges against a Seattle police officer who struck and killed a graduate student from India while responding to an overdose call.

14 hours ago

In this screen grab from lapel camera video provided by the Santa Fe County Sheriff's Office, movie...

Associated Press

Jury selection begins for trial of ‘Rust’ armorer in fatal 2021 shooting by Alec Baldwin

Prosecutors are pursuing accountability in the 2021 death of a cinematographer who was shot by actor Alec Baldwin during a rehearsal for the Western movie “Rust."

14 hours ago

An Indian Space Research Organisation rocket carrying the Chandrayaan-3 moon lander lifts off from ...

Kristin Fisher and Jackie Wattles, CNN

Why it’s so difficult to land on the moon, even five decades after Apollo

Hundreds of thousands of miles beyond Earth, a phone booth-size spacecraft is en route to take on a challenge no vehicle launched from the United States has attempted in more than 50 years.

14 hours ago

FILE - MyPillow chief executive Mike Lindell talks to reporters at the Republican National Committe...

Steve Karnowski, Associated Press

Federal judge affirms MyPillow’s Mike Lindell must pay $5M in election data dispute

A federal judge has affirmed a $5 million arbitration award against MyPillow chief executive Mike Lindell.

14 hours ago

Sponsored Articles

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Consumer Prices Shot Up 0.8% In April As Worries Escalate