Core prices of food and energy surge in April

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Core prices of food and energy surge in April

A measure of annual inflation that is closely watched by the continued to run hot in April as widespread supply disruptions, extraordinarily high consumer demand and worker shortages fuel rising prices.

The Bureau of Economic Analysis found that core prices of food and energy, including the more volatile measures of food and energy, soared by 4.9% in the year through April, which is reflected in the personal consumption expenditures price index.

It was slightly less than March's measurement of 5.2%, and is down from the 39 year high of 5.3% recorded in February.

Core prices went up by 0.3% in the one-month period between March and April, suggesting that prices are leveling off, but are not yet falling.

The Fed's preferred gauge to track inflation marks the 13th consecutive month the gauge has been above the central bank's target range of 2%.

This is a developing story.