Inflation in April accelerated at its fastest pace in more than 12 years as the U.S. economic recovery kicked into gear and energy prices jumped higher, the Labor Department reported Wednesday.
The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year earlier. A Dow Jones survey had expected a 3.6% increase. The month-to-month gain was 0.8%, against the expected 0.2%.
Lumber prices alone have risen 124% in 2021 amid persistent demand for building materials. Copper, often seen as a proxy for economic activity, has jumped nearly 36%.
Click here for the full CNBC story.
