A key barometer of inflation leaped again in April and hit a 13-year high, reflecting a broad surge in consumer prices as the U.S. fully reopens and massive federal stimulus sloshes through the economy.
The so-called PCE index jumped 0.6% in April, marking the biggest monthly increase since 2008.
The rate of inflation over the past 12 months also shot up to a 13-year high of 3.6% in April from 2.4% in March.
Rising inflation has spooked some on Wall Street and made Americans gnash their teeth when confronting higher prices for goods and services ranging from hamburgers and plywood to used cars and vacation rentals. It’s been a long time since they’ve experienced such a sharp upturn in prices in so short a time.