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U.S. consumer spending saw its biggest gain in five months in April, a further sign economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily.Moderately rising inflation and a tightening labor market bolstered expectations that the Federal Reserve will raise interest rates next month.Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 0.6 percent last month, the Commerce Department said, the largest rise since November and followed a 0.5 percent increase in March.Economists polled by Reuters had forecast consumer spending advancing 0.4 percent. The U.S. central bank has a 2 percent inflation target.The Fed increased borrowing costs in March and has forecast at least two more rate hikes for this year.The moderate inflation also helped support consumer spending last month. When adjusted for inflation, consumer spending rose 0.4 percent in April after increasing 0.5 percent in the prior month.
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