BUSINESS

The Invisible Hand Lifts U.S. Inflation Up

The U.S. inflation jumped in April from a year earlier as the economic activities picked up following the uptake in vaccination and tapering of the COVID-19 pandemic.

Consumer prices surged 4.2% in the 12 months through to April, up from 2.6% in March and marking the biggest increase since September 2008.

The latest report from the U.S. Labor Department comes amid fears that rising consumer prices could push up interest rates.

Several analysts have speculated that the figures could be rising because of temporary factors like supply bottlenecks.

Inflation, which measures the rate at which the prices for goods and services increase, was pushed up by higher prices for cars and food in April.

Prices of second-hand cars increased by 10% in comparison with March – the biggest monthly increase since records began.

The Labor Department said that accounted for more than one-third of the overall jump.

Readers Bureau, Contributor

Edited by Jesus Chan

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