Inflation continued to rise in April according to the latest print of the Consumer Price Index (CPI) released Wednesday morning. Month-over-month, consumer prices increased 0.3 percent for an annual advance of 3.4 percent — still well above the Federal Reserve's target of just 2.0 percent. 

Core CPI inflation — which excludes food and energy — also increased 0.3 percent in April for a 3.6 percent year-over-year gain. 

According to the Bureau of Labor Statistics (BLS), the biggest price increases in April were seen in shelter, an index that also accounts for two-thirds of the annual increase in core CPI inflation. Gas prices also contributed to the monthly increase in costs. Before seasonal adjustment, gas prices surged 5.2 percent in April. 

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