Unprecedented Used Cars Prices Blamed For Rise In Inflation Numbers

An unprecedented surge in prices for used cars was the biggest contributor to the surprise jump in U.S. inflation last month.

The cost of previously owned sedans, pickups and SUVs soared 10 percent in April, according to the Bureau of Labor Statistics, the fastest climb ever in data that go back to 1953. It accounted for more than a third of the 0.8 percent increase in the consumer price index, which was four times the level economists estimated.