ELMIRA, N.Y. (WETM) -In more than 12 years for April, inflation accelerated at its fastest pace, as the U.S. economic recovery progresses.
The consumer price index, rose 4.2% from a year ago. Economists were expecting a 3.6 % increase.
With much of the country shut down by the pandemic, inflation for April 2020 was low
The federal reserve policymakers and many economists are dismissing the current round of numbers, with the expected inflation will settle down later this year, around the 2% range targeted by the central bank.