US consumer spending dips for first time in a year as prices jump

U.S. consumer spending fell for the first time in a year in April, but there are signs inflation is stirring, with an inflation gauge rising at its quickest pace since November 2012.

The Commerce Department said on Friday consumer spending slipped 0.1 percent after rising by a revised 1.0 percent in March, which was the largest gain since August 2009.