Inflation rate for April increased 0.6% from previous month, annual rate now 3.8%, Labor Department

The U.S. economy's Consumer Price Index, the prices consumers pay for a wide range of goods and services, increased 0.6% from March to April. And the annualized inflation rate for last month was 3.8%, the Bureau of Labor Statistics reported Tuesday.

The monthly rate was as forecast, but the annual rate was 0.1 percentage point above the Dow Jones consensus, according to CNBC.com. 

The annualized rate was the highest since May 2023, the news outlet also reported.

The monthly increase from February to March was 0.9%.

The price index for energy increased 3.8% in April, accounting for over 40% of the monthly all items increase, the agency also reported.