U.S. Inflation Is Highest in over a Decade as Prices and cost of living increases by 5% from this time last year;
Read Time:24 Second
The skyrocketing rise in consumer prices in May reflected a surge in demand along with shortages of labor and materials.
- The Labor Department said last month’s increase in the consumer-price index was the largest since August 2008, when the reading rose 5.4%. The core-price index, which excludes the often-volatile categories of food and energy, jumped 3.8% in May from the year before—the largest increase for that reading since June 1992.
SOURCE – WSJ