The CPI posted a massive increase in April on both a MoM and YoY basis. The headline index rose 0.8% MoM and 4.0% YoY and the core index hit 3.0% YoY.
While there was a broad-based strength, two clear inflationary trends in the data were the supply-driven vehicle shortage, apparent in massive used car and car rental price spikes, and the service sector reopening, seen in strong price growth for airfare, hotels, and admissions.
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