Summary Box: Prices rise on costlier food, gas

AP News
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Posted: May 13, 2011 5:37 PM
Summary Box: Prices rise on costlier food, gas

PRICES RISE: Consumers paid more for food and gas last month, pushing up the consumer price index 0.4 percent in April. Consumer prices have risen 3.2 percent in the past year, the biggest 12-month gain in two and a half years.

GAS TO BLAME: About half the increase was because of rising prices at the pump, which have shot up 33 percent in the past year.

PEAK NEARS: But oil prices have fallen about 15 percent in the past two weeks, and agricultural commodities like corn have also dropped. That means inflation could peak in the next few months, analysts said.