- The consumer price index rose 8.6% on May from a year ago, the fastest increase since December 1981
- Increase was larger than economists expected and topped the recent peak set in March
- Soaring food and energy prices drove the increase, with groceries up 11.9% and gasoline rising 48.7 percent
“And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6:6
- But core inflation, excluding food and energy, was also higher than expected at 6% annual rate
- It is the strongest signal yet that inflation has not yet peaked, as Biden previously claimed
- On Friday Biden plans to speak at the Port of Los Angeles to highlight supply chain initiatives
The new figures suggested that the Federal Reserve could continue with its rapid interest rate hikes through September to combat inflation, and markets reacted swiftly, with the Dow shedding 300 points in the pre-market.
Excluding volatile food and energy prices, so-called core inflation rose 0.6 percent in May, the same pace as April, for an annual gain of 6 percent.
But for American consumers, the rising prices of food and energy, particularly gasoline, are becoming an increasing household concern.
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