Friday, May 13, 2011

Inflation rises at fastest rate since Oct. 2008

Inflation accelerated to its fastest annual pace in two and a half years in April, as surging gas prices continued to hit American consumers.

The Consumer Price Index, the government's key inflation measure, rose 3.2% over the last 12 months that ended April 30, according to Friday's report from the Labor Department. It was the biggest 12-month jump since October 2008. More than half of the increase was due to rising energy prices, the government said. Gas prices alone surged 3.3% in April, and are up 33.1% over the past year. CNN

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