Inflation surged to its highest level in nearly three years in April as the headline Consumer Price Index reached 3.8% year-over-year.
This marks a sharp acceleration from March's 3.3% reading, and came in slightly above the 3.7% consensus forecast.
The spike was driven by widespread increases across several categories such as energy (+3.8%), shelter (+0.6%), and food (+0.5%).
Core prices rose 2.8% year-over-year and 0.4% month-over-month. Both figures came in above their respective forecasts of 2.7% and 0.3%.
Sila Damrongsaringkan/iStock via Getty Images
By Jennifer Nash
Inflation surged to its highest level in nearly three years in April as the headline Consumer Price Index reached 3.8% year-over-year. This marks a sharp acceleration from March's 3.3% reading, and came in slightly above
