Consumer prices shot up 0.8% in April as worries escalate

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

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

One-third of the April rise came from a record 10% increase in the price of used cars and trucks. Wednesday’s report from the Labor Department indicated that the 0.8% rise prices that consumers pay for everything from food and clothes to new cars was the biggest one-month gain.