Surging prices: Key inflation metric just hit a 29-year high
CNN
Inflation seems unstoppable as the economy returns to normal.
People are spending big again, with battered industries like travel and hospitality coming back to life. That has sent prices surging. A key measure of inflation, after stripping out volatile more food and energy prices, jumped to a 29-year high in April. The Bureau of Economic Analysis' price index tracking US consumer spending rose 3.6% in the year ending April, its biggest jump since September 2008 -- the height of the financial crisis. Excluding food and energy prices, the index gained 3.1%, the biggest increase since July 1992.
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