11.05.202212:39:00UTC+00U.S. Consumer Prices Rise 0.3% In April

After report a spike in U.S. consumer prices in the previous month, the Labor Department released a report on Wednesday showing a relatively modest increase in consumer prices in the month of April.

The Labor Department said its consumer price index rose by 0.3 percent in April after surging by 1.2 percent in March. Economists had expected prices to edge up by 0.2 percent.

Meanwhile, the report showed core consumer prices, which exclude food and energy prices, climbed by 0.6 percent in April after rising by 0.3 percent in March. Core prices were expected to increase by 0.4 percent.

The annual rate of growth in consumer prices slowed to 8.3 percent in April from 8.5 percent in March, while the annual rate of growth in core prices slowed to 6.2 percent from 6.5 percent.