BREAKING: CPI increased 8.3% in April from a year ago, more than the 8.1% estimate and near the highest level in more than 40 years.
The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.Inflation rose again in April, continuing a climb that has pushed consumers to the brink and is threatening the economic expansion, the Bureau of Labor Statistics reported Wednesday.
Removing volatile food and energy prices, so-called core CPI still rose 6.2%, against expectations for a 6% gain. Federal Reserve officials have responded to the problem with two interest rate hikes so far this year and pledges of more until inflation comes down to the central bank's 2% goal. However, Wednesday's data shows that the Fed has a big job ahead.
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