Inflation remained stubbornly high in April, underscoring the strong price pressures that are still bubbling beneath the surface of the economy – and continuing to burden millions of U.S. households.

The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in April from the previous month, much faster than the 0.1% increase recorded in March. Prices climbed 4.9% on an annual basis.

Those figures were mostly in line with forecasts by Refinitiv economists.&nbsp;

<i>This is a developing story. Please check back for updates.</i>

The Labor Department said the consumer price index showed that inflation cooled last month, but that underlying price pressures remained stubbornly high.{ai:summary}<p>Inflation high in April, pressuring everyday goods such as gas and groceries. Prices up 0.4% from March and 4.9% annually, burdening US households. Story developing, more updates to come.</p>

Inflation jumped 0.4% in April as prices remain stubbornly high

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