Prices paid by US consumers have risen at their fastest rate in almost a year, according to official figures.

The Labor Department's consumer price index rose by 0.5% last month.

The rise, which was higher than Wall Street had forecast, was the biggest since May last year.

But while rising prices would typically stoke fears of inflation, and in turn higher interest rates to quell demand, analysts remained relaxed about Tuesday's data.

"I don't think it's going to have much of a change on the big picture on inflation," said Steve Gallagher, an economist at SG Cowen Securities in New York.

"Low inflation is still the outlook."

With concerns remaining over the strength of the US economic revival, the country's central bank, the Federal Reserve, is still not thought likely to risk an interest rate rise before August.

"If we see two more months like this of [price rises] exceeding expectations then people will worry," said Paul Cherney, a market analyst at S&P Marketscope.

"But the Fed will hold off, because they want to see that the recovery is in place and solid."

Hopes of revival were bolstered on Wednesday with the release of separate data showing that US industrial production rose by 0.4% in April, the fourth successive monthly increase, and in line with Wall Street forecasts.

Energy factor

Much of the rise in April's price index was attributed to a 10% surge in petrol prices, reflecting a stronger oil market.

Fuel oil costs gained 3.5%, and whole natural gas prices rose by 4.5%.

"It is primarily energy that has inflated the data, and that's probably not seen as permanent," said Mr Gallagher.

Excluding fuel and food costs, the index's most volatile components, prices rose by 0.3%.

And much of this was attributed to a 6.5% rise in tobacco prices.

On Wall Street, the benchmark Dow Jones Industrial Average share index closed 54.46 points down to 10,243.68.

The tech-weighted Nasdaq edged up 6.51 points at 1,725.56.