Consumer prices spiked 4.2% in the last 12 months

(NEW YORK) — Consumer prices spiked sharply in April, according to new data released Wednesday by the Department of Labor.

The consumer price index, a barometer that measures what consumers pay for everyday goods and services, jumped by 4.2% in the year through April, the DOL said. It rose by 0.8% in April alone.

This marks the largest one-year increase seen since September 2008.

The closely watched data comes amid mounting fears of inflation from investors, but also reflects unique factors as the pandemic recovery is finally gaining steam.

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