With an abundance of economic data this week we have a lot to cover. Here’s some of the key numbers:

-Consumer prices rose 3.8% year over year.  Even stripping out volatile food and energy prices, core inflation rose 2.8%, which is well above our comfort zone.

-Producer prices soared 6% year over year, driven by surging oil costs. Soaring producer prices renew inflation worries as businesses are likely to pass those higher costs on to consumers in the coming months.

-Retail sales rose .5% last month, though largely driven by higher gasoline prices.  However, online shopping by consumers showed resilience.

-industrial production and Business Inventories rose in April, both showing stability in consumer demand.