Another jump in prices tightens the squeeze on US consumers
By MARTIN CRUTSINGER Associated Press June 10, 2021 11:20am Text size Copy shortlink:
WASHINGTON American consumers absorbed another surge in prices in May a 0.6% increase over April and 5% over the past year, the biggest 12-month inflation spike since 2008.
The May rise in consumer prices that the Labor Department reported Thursday reflected a range of goods and services now in growing demand as people increasingly shop, travel, dine out and attend entertainment events in a rapidly reopening economy.
The increased consumer appetite is bumping up against a shortage of components, from lumber and steel to chem
The Fed, led by Chair Jerome Powell, has repeatedly expressed its belief that inflation will prove temporary as supply bottlenecks are unclogged and parts and goods flow normally again. But some economists have expressed concern.
Consumer prices jumped in May, the biggest year-over-year spike since 2008 pressherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressherald.com Daily Mail and Mail on Sunday newspapers.
Consumer prices surged 0.6% in May and 5% from a year earlier, the fastest annual rise in 13 years. The jump is squeezing consumers as the economy reopens.
Prices continue to soar in May - Southern Standard southernstandard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from southernstandard.com Daily Mail and Mail on Sunday newspapers.