Consumer prices spiked 4.2% in the last 12 months

The latest data comes amid mounting inflation fears from investors.

Consumer prices spiked sharply in April, according to new data released Wednesday by the Department of Labor. The consumer price index, a barometer that measures what consumers pay for everyday goods and services, jumped by 4.2% in the year through April, the DOL said. It rose by 0.8% in April alone. This marks the largest one-year increase seen since September 2008. Prices for used vehicles skyrocketed by 10% in April, marking the largest 1-month increase since record-keeping for the series began in 1953. This was fueled in part by a global chip shortage and served as a significant contributor to the overall consumer prices increase.