h digitalfootprint web 728x90

Fuel leads uptick in consumer prices

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Consumer prices rose by 0.4 percent in April from the prior month, and higher fuel prices accounted for more than half of the hike, MarketWatch.com reported.

According to new government data, the prices U.S. consumers paid for goods and services have jumped by an unadjusted 3.2 percent in the past year. That’s the largest 12-month gain since October 2008.

As recently as November, the 12-month increase was 1.1 percent, MarketWatch said.

The price of gasoline has surged 33 percent in the past 12 months and now tops $4 a gallon in many U.S. markets. Energy prices have climbed 19 percent in the past year.

The increasing cost of food, which was up 0.4 percent in April and 0.8 percent in March, has slowed due to declining prices of fresh vegetables. But food costs are still up by 3.2 percent compared with a year ago.