US consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve’s 2% target and posting its largest annual gain since 1992, reflecting pent-up demand as the economy reopens. The strong inflation readings reported by the Commerce Department yesterday had been widely anticipated as the Covid-19 pandemic’s grip eases, thanks to vaccinations, and will have no impact on monetary policy. Fed chair Jerome Powell has repeatedly stated that higher inflation will be transitory, with supply chains expected to adapt and become more efficient. Most economists share the US central bank chief’s views. The supply constraints largely reflect a shift in demand towa
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