U.S. core CPI rises 0.9% month-on-month in April, biggest increase since 1982 – U.S. inflation rises 4.2% year-on-year in April, a 13-year high

The U.S. Consumer Price Index (CPI) rose sharply by 4.2% y/y in April, the largest increase since September 2008, accelerating from 2.6% in the previous month, also higher than the expected 3.6%, partly due to a lower base last year, up 0.8% m/m, also much higher than the expected 0.2%. The core CPI, excluding food and energy, rose 3% y/y and 0.9% m/m, the latter being the strongest since 1982 and also higher than market expectations of 2.3% and 0.3% respectively.