Stagflation Watch — U.S. inflation soars in April to 13-year high. Fed ‘Surprised’
The numbers: Consumer prices rose sharply again in April and drove the rate of inflation to the highest level in nearly 13 years, signaling greater stress on the economy as businesses grapple with supply shortages that are raising the cost of many goods and services.
The consumer price index soared 0.8% to match the biggest monthly increase since 2009, the government said Wednesday. Economists polled by Dow Jones and The Wall Street Journal had forecast a milder 0.2% advance.
The rate of inflation over the past year jumped to 4.2% from 2.6% in the prior month — the highest level since 2008.
MSN
JUST IN – US Fed Vice Chairman Richard Clarida: "We were SURPRISED by higher than expected inflation data." This comes after the surprisingly low jobs report.
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