Annual inflation rate rose to 4.2% in April, highest in nearly 13 years


Consumer prices moved 4.2% higher on the year in April, with costs rising slightly across the board, according to a report released by the Department of Labor.

The consumer price index, which measures the average price paid by consumers for products and services like gas, food, and clothing, rose 0.8% from March to April.

The previous month, March, saw a 0.6% increase in consumer prices, the largest increase in nearly a decade.

Inflation continues to edge upward, but Federal Reserve officials have stressed that the movement will likely prove only transitory as the economy continues to grow and normalize as the pandemic-induced recession starts to end.

The increase in costs come at a time when some Americans are dealing with gas prices increasing due to a recent cyberattack on a major pipeline and are still dealing with the economic downturn from the coronavirus pandemic.

President Joe Biden is also considering more federal government spending, tax increases on the wealthy, and further regulations that could effect economic growth.

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