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Inflation increases 3.4% in April as prices remain elevated

The Labor Department on Wednesday released the closely watched April consumer price index report, revealing just how hot inflation was running last month.

The Labor Department said Wednesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in April from the previous month. Prices climbed 3.4% from the same time last year.

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