Inflation Surges by Most Since 2008 Recession, With Consumer Prices Jumping 5% Over Last Year
Consumer prices surge 5% annually, most since August 2008. Used car and truck prices spiked 7.3% in May.
Jonathan Garber with FOX News reports:
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U.S. consumer prices increased in May at the fastest annual rate in nearly 13 years as the economic comeback from COVID-19 lockdowns continues to build momentum.
The Labor Department said Thursday that the consumer price index in May rose 5% year over year, hotter than the 4.7% increase that was anticipated. The reading was above last month’s 4.2% print.
Prices jumped 0.6% month over month, quicker than the 0.4% increase that was expected by analysts surveyed by Refinitiv.
