The cost of living in the United States jumped again in May, boosting the annual rate of inflation to an almost 13-year high, according to a government report released Thursday, June 10.
Inflation pressures increased across a broad range of goods and services last month — markedly strongly for a second straight month for used car and truck prices, although food and energy prices saw little to no change.
Longer term as compared to a year earlier, prices for food and energy continued to be robust. Core inflation, which discounts the pair, marked its highest annual rate in nearly three decades. The question remains unanswered on whether the spike in inflation is transitory due to the pandemic. Continue reading U.S. Inflation Hottest Annually Since August 2008; Consumer Prices in May Rise Strongly →