U.S. consumer prices surge in April

FILE PHOTO: A shopper wearing a face mask due to the coronavirus disease (COVID-19) pandemic browses toys at a Target store in King of Prussia, Pennsylvania U.S. November 20, 2020. REUTERS/Mark Makela

WASHINGTON (Reuters) – U.S. consumer prices increased more than expected as booming demand amid a reopening economy pushed against supply constraints, which could fuel financial market fears of a lengthy period of higher inflation.

The consumer price index jumped 0.8% last month after rising 0.6% in March, the Labor Department said on Wednesday. Excluding the volatile food and energy components, the CPI soared 0.9%. The so-called core CPI rose 0.3% in March.

Economists polled by Reuters had forecast the overall CPI climbing 0.2% and the core CPI rising 0.3%.

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