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Consumer item prices showing highest yearly increase since 2008

Posted at 11:59 AM, May 12, 2021
and last updated 2021-05-12 16:10:05-04

Budgeting is more important than ever these days as just about everything is getting more expensive.

The Bureau of Labor Statistics reported consumer prices increased more than 4% in April compared to the prior year - the biggest 12-month increase since September 2008.

Higher inflation was expected as the economy starts to reopen.

The Federal Reserve, whose mandate it is to keep prices stable, says that moderately higher prices this summer will be temporary.