Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
On a month-to-month basis, prices jumped 1% from April to May, a steep rise from the 0.3% increase from March to April. Much higher gas prices were to blame for most of that increase.
FILE IMAGE - A customer waits for assistance with a meat purchase at a Cardenas Market on June 8, 2022, in San Rafael, California. Inflation has remained high even as the sources of rising prices have shifted. Initially, robust demand for goods from Americans who were stuck at home for months after COVID hit caused shortages and supply chain snarls and drove up prices for cars, furniture and appliances.Now, as Americans resume spending on services, including travel, entertainment and dining out, the costs of airline tickets, hotel rooms and restaurant meals have soared.
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