Thursday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.2% in April, after decreasing 0.1% in March.
While rising gasoline prices are pinching Americans' wallets, fuel is providing only a modest boost to the broad CPI, which rose 2.5% in April from a year earlier.
The food index was rose 0.3%.
Other details of the report showed energy prices rose 1.4 percent from the previous month after 2.8 percent decline; food costs advanced 0.3 percent after a 0.1 percent gain. This followed a 0.1% March decline.
The dollar and USA government debt yields fell on Thursday while equity markets rallied after a modest rise in consumer prices in April eased concerns the Federal Reserve might raise interest rates more than expected this year. It was the smallest gain in four months.
Emerging market stocks rose 1.43 percent, after Asia-Pacific shares outside Japan and the Nikkei in Tokyo both earlier closed higher.
But with the labor market tightening and oil prices rising after President Donald Trump on Tuesday pulled the United States out of an global nuclear deal, promising to restore stiff sanctions on Iran, price pressures are expected to accelerate in the coming months. CPI was up 2.5 per cent from April 2017, putting it a half point above the Federal Reserve's inflation target. The energy index rose 7.9% in the last twelve months. The central bank left interest rates unchanged last week.
Shares of CenturyLink rallied, up 8.2 percent as of 2.20pm in NY, after the telecom company posted quarterly earnings that beat expectations, though sales fell short, and bolstered optimism about its acquisition of Level 3.
"But this does further tilt the odds in favour of two more rate hikes this year rather than the three some Fed officials have been suggesting", he said. "And with the jobless claims data ... showing that labour market conditions are still tightening, we think underlying inflation will trend higher from here".
The Labor Department said its producer price index for final demand inched up by 0.1% in April after rising by 0.3% in March. The cost of motor vehicle insurance fell for the first time in a year.
In Europe, France's CAC 40 Index gained 0.2 percent, the UK's FTSE 100 Index added 0.5 percent, while Germany's DAX index rose 0.6 percent.
This story has not been edited by Firstpost staff and is generated by auto-feed.
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