U.S. prices rose in April, indicating high inflationary pressures. The index monitored by the Federal Reserve showed a 0.4% increase from March, higher than the previous month’s 0.1% rise. Year over year, prices rose to 4.4% in April. Despite rising prices, consumer spending remained strong, with a 0.8% jump in April, driven by a 6.2% surge in spending on new cars. The economy has shown resilience with solid job gains and pay increases, and it is projected to accelerate to a 2% pace in the current quarter.
Read more at AP news