Consumer prices for May accelerated at their fastest pace in nearly 13 years.
Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday.
Consequently, market participants generally do not expect to see the Fed react to the latest numbers when the policymaking Federal Open Market Committee meets next week. However, the energy index was about flat for the month despite the huge runup in gasoline prices this year, while the food index repeated its April rise of 0.4%.
Another report released Thursday showed that jobless claims for the week ended June 5 came in at 376,000. The estimate was 370,000. The total still marked the lowest of the pandemic era.Investors, though, remain heavily focused on inflation, which hasn't been a major threat to the U.S. economy since the early 1980s.
Prices surged across a variety of sectors as the economy continued to recover from the harsh restrictions government officials put in place during the pandemic.
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