As Prices Rise, Fed Dismisses Inflation Worries

Although inflationary pressures keep building in the U.S. economy, economists believe the Federal Reserve officials are unlikely to tighten monetary policy before seeing significant improvement in labor market recovery.

From gas to groceries, Americans have started to see price increases in recent weeks as the economy reopens. Used car and truck prices, for example, surged 21 percent year-over-year, including a 10 percent increase in April alone.

Surveys also show that U.S. businesses are raising prices for their goods and services at a rate not seen since the late 1970s and...