US inflation raced at its fastest annual pace in two and a half years as the cost of energy and food drove consumer prices higher, according to the latest Consumer Prices Index (CPI) report published by the government on Friday, May 13.
Americans are paying more for goods and services for a tenth straight month as consumer prices increased 3.2 percent in the 12 months ending April 2011, the highest figure since October 2008. The annual rate was 1.1 percent as recently as November. The gain was greatly attributed to rising gasoline prices. Read more