The Consumer Price Index (CPI), a measure of U.S. economic inflation, continued climbing quickly in May, surpassing economists’ expectations for another month.
CPI rose 0.6% in May, according to Department of Labor data released Thursday, bringing the annual CPI increase to 5%, well over the 4.7% predicted by economists interviewed by The Wall Street Journal. Core CPI, a measure of consumer good prices minus the more volatile indexes for food and energy, rose 0.7% in May after a 0.9% jump in April.
The jump in overall CPI is “the largest 12-month increase since a 5.4-percent increase for the period ending August 2008,” the Department of Labor reported. The index for core CPI “rose 3.8 percent over the last 12-months, the largest 12-month increase since the period ending June 1992.”
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