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Prices of common goods in the US climbed faster than forecasted in April as the US economy leaped out of year-long lockdowns.

The Consumer Price Index jumped 0.8% last month, the Bureau of Labor Statistics said Wednesday morning. The median estimate from economists surveyed by Bloomberg was for a 0.2% month-over-month gain. The reading follows a 0.6% jump in the CPI from February to March.

Prices climbed 4.2% year-over-year, marking the strongest inflation since September 2008. Economists expected a year-over-year reading of 3.6%.

The jump was primarily driven by a 10% increase in prices for used cars details ⇒

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