You may have already noticed it, but yes, many things you need or love have gotten more expensive, a lot more expensive.
Consumer prices surged 4.2% in April from the depressed levels of a year earlier when the global economy was hit hard by the coronavirus pandemic, according to the Labor Department on Wednesday.
That was the largest 12-month increase since a 4.9% one in September 2008 in the depths of the global financial crisis, the Labor Department added.
Prices rose 0.8% on a monthly basis.
The accelerating inflation comes as companies have been forced to pay more to secure critical materials such as lumber and steel amid continued disruptions to the global supply chain. And the government also pumped trillions of dollars into the economy in a bid to blunt the impact from the coronavirus, contributing to inflation.
Price increases affected a range of goods from big-ticket items such as used cars to kitchen staples such as bacon. Airfares and hotel prices also jumped as rapid vaccine rollouts are encouraging Americans to travel again.
