Inflation hit 8.3% in April compared to last year, data shows, showing signs of leveling off.
The inflation rate was little changed from March to April, a potential sign that the rapid growth in the cost of goods and services may soon taper off.
Airfares climbed nearly 19 percent on the month. Research group Capital Economics noted that airfares have now surged nearlyAlthough in April gas prices declined 6.1% over the previous month, prices at the pump were already back atFollowing the BLS report Wednesday, economists said they remain concerned that prices are not decelerating as rapidly as hoped.
The pick up in core inflation in April could mean the Federal Reserve will consider increasing interest rates more aggressively, said Andrew Hunter, senior U.S. economist at Capital Economics research group.
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