Consumer prices shot up 0 8% in April as worries escalate - World News
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Inflation fears grow | The Spectator
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May 14, 2021
WASHINGTON (AFP) – The larger-than-expected spike in United States (US) inflation last month “surprised” Federal Reserve Vice Chair Richard Clarida, but he said on Wednesday the central bank is ready to act if needed to contain prices.
However, the Fed continues to believe the sharp price increases over the past two months are due to the rebound following the unprecedented shock inflicted by the COVID-19 pandemic and will not last, he said.
“I was surprised” by the jump in the Consumer Price Index last month by 4.2 per cent compared to April 2020, Clarida said during a conference of the National Association for Business Economics (NABE).
Inflation Spike Adds Stress To Biden s Economic Plans By Chris Stein
05/12/21 AT 12:24 PM
A larger-than-expected spike in inflation is the latest headache for US President Joe Biden and his bid to use massive government spending to both revitalize and reshape the world s largest economy.
The Labor Department on Wednesday reported consumer prices were 4.2 percent higher last month than in April 2020, their biggest year-on-year increase since 2008 as the United States bounced back from the Covid-19 pandemic.
Washington policymakers had expected inflation to surge as the economy reopens following last year s business restrictions to stop the virus, and the White House Council of Economic Advisers cast the spike as a predictable part of the recovery.