Consumer prices rise more than expected in April

The consumer price index (CPI) rose more than expected in April.

The gauge of inflation rose 0.4% month-on-month, the biggest jump since February 2013, and increased 1.1% year-on-year, according to the Bureau of Labor Statistics.

Excluding volatile food and energy costs, core CPI rose 0.2% month-on-month, and rose 2.1% year-on-year, as expected.

Economists had forecast that the gauge of inflation rose 0.3% month-on-month and 1.1% year-on-year according to Bloomberg, accelerating gains made in the prior period.

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