US CPI inflation reaches 5%
Figures follow predictions of “transitory” inflation rises by senior Fed officials
The US Department of Labor reported on June 10 that consumer price index inflation had reached 5% in May, the highest year-on-year figure since 2008.
The new CPI level is a marked increase from the April figure, which was 4.2%. Senior Federal Reserve officials have repeatedly said in recent weeks that they expect transitory inflation rises this year.
The Federal Open Market Committee’s preferred inflation measure is the personal consumption expenditure index. PCE inflation rose 3.6% in April
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