Consumer prices rise at quicker pace in April

The consumer price index rose at a quicker monthly pace in April as costs for used cars and trucks soared — the latest sign of sticky inflation pressures across the economy.

Why it matters: The consumer price index rose 0.4% in April, faster than the 0.1% rise the previous month. The measure that excludes energy and food prices continued to rise at a quick pace, a worrying sign for economic policymakers.

By the numbers: In the 12 months through April, CPI increased 4.9% — a tick down from the 5% in March, the government said on Wednesday.

Core CPI, which excludes energy and food prices that can be volatile month-to-month, rose 0.4% in April, matching the prior month's pace.

In the year ending in April, core CPI increased 5.5%, compared to 5.6% in March.

Details: In a relief for consumers, prices for groceries declined outright for the second straight month — dropping by 0.2% (compared to a 0.3% drop in March).