Inflation Likely Accelerated in April as Economy Strengthened
U.S. consumer prices likely rose sharply in April as the economic recovery picked up, reflecting surging demand as the pandemic eased and higher prices due to supply bottlenecks.
Economists surveyed by The Wall Street Journal expect the Labor Department to report its consumer-price index jumped 3.6% in April from a year earlier, up from 2.6% for the year ended in March. That would be the highest 12-month level since the summer of 2011. They expect to see the index rise a seasonally adjusted 0.2% in April from March. The index measures what consumers pay for goods and services, including clothes, groceries, restaurant meals, recreational activities and vehicles.
The so-called core price index, which excludes the often-volatile categories of food and energy, likely rose 2.3% in April from a year before, the economists estimated.
Consumers are seeing many prices…