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Consumer prices rise on food and gasoline
13.05.2011 15:48 "Agro Perspectiva" (Kyiv) —
Consumer prices rose as expected in April on higher food and energy prices, but continued to exhibit little sign of a broader pick-up inflation that would trouble the Federal Reserve.
The Labor Department said its Consumer Price Index increased 0.4 percent after rising 0.5 percent in March. Economists polled by Reuters had expected a 0.4 percent rise last month.
Core CPI excluding food and energy gained 0.2 percent after edging up 0.1 percent in March and in line with economists expectations. The monthly increase in core CPI has been bouncing around 0.1 percent and 0.2 percent since November.
The core reading is closely watched by the U.S. central bank as a guide to monetary policy.
Fed officials believe high commodity prices, which undercut economic growth in the first quarter, will not have a lasting effect on inflation.
Gasoline prices accounted for almost half of the rise in overall consumer inflation last month, advancing 3.3 percent. The pace of increase, however, slowed from Marchs 5.6 percent rise.
Food prices rose 0.4 percent after increasing 0.8 percent in March.
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