Consumer Price Index reports largest 12-month jump since 2008

The Consumer Price Index for All Urban Consumers was released from by the U.S. Bureau of Labor Statistics this week and shows an increase of 0.8% in April on a seasonally adjusted basis after rising 0.6% in March. According to the report, over the last 12 months, the all-items index increased 4.2% before seasonal adjustment, which is the largest 12-month increase since a 4.9% increase was reported for the period ending September 2008. Prices are sharply higher for everything from food and clothes to housing with a 10% jump in the prices of used cars and trucks.