Breaking: Consumer Price Surge Breaks 13-Year Record as Inflation Threat Looms

U.S. consumer prices surged in May at the fastest annual rate since August 2008, the Labor Department announced on Thursday.

The consumer price index in May increased 5 percent year over year, higher than the 4.7 percent increase that was expected.

Prices saw a 0.6 percent increase month over month, also above the 0.4 percent increase that analysts surveyed by Refinitiv had predicted.

The annual data has a “base effects” skew caused by the drop in prices that occurred at the beginning of the coronavirus pandemic.

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