Consumer Prices Up, But Not For Long

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Inflation climbed to its highest level in two and a half years in April, but analysts predict some prices could level out by this summer.

The Consumer Price Index rose 0.4 percent last month, according to the Labor Department. In the last 12 months, inflation rose more than 3 percent.

The increase in gas prices accounted for half of April's inflation. A gallon of gas is now about $1.09 more than this time last year.

But economists say gas and food prices should fall later this year.

"With commodity prices now dropping back, it looks like inflation is close to peaking," said Paul Ashworth, chief U.S. economist for Capital Economics.

Federal Reserve Chairman Ben Bernanke agreed that the impact of higher food and gas prices should be temporary.

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