Traders work on the floor of the New York Stock Exchange on May 7, 2021. | Nicole Pereira/New York Stock Exchange via AP, an acceleration that has stirred rising worries about its effect on the economy.
The Labor Department reported Wednesday that the price consumers pay for their purchases of everything from food and clothes to new cars rose at a faster pace than last month's 0.6 percent rise. Over the past 12 months, prices are up 4.2 percent — the fastest rise since a 4.9 percent gain in the 12 months ending in September 2008.
Excluding volatile food and energy, core inflation jumped 0.9 percent in April. Core prices are up a sharp 3 percent over the past 12 months. Concerns about rising inflation sent stocks tumbling on Tuesday with the Dow Jones Industrial Average falling by more than 470 points or 1.4 percent, its worst day since Feb. 26.Filed Under:
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