Rising Prices Fuel Fears Of Inflation

May 12, 2021 4:10 am

NEW YORK (AP) – Rising prices for a variety of commodities are contributing to a jump in prices at the consumer level. The government said Wednesday that consumer prices surged 0.8% in April from March, while the year-over-year rise was the fastest since 2008. The cost of corn and soybeans used for animal feed is at the highest since 2012, boosting the price of meat. The price of lumber is at an all-time high, contributing to record home prices. Higher oil prices and rising demand for gasoline has helped push the average price of a gallon above $3 for the first time since 2014.  Prices for diapers and toilet paper are also going up.