Key inflation measure rises at fastest pace since 1992
June 10, 2021. Summarized by summa-bot.
Compression ratio: 44.9%. 1 min read.
People walk through a shopping area in Manhattan on June 7, 2021 in New York City. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)
Consumer prices roared higher in May, rising at their fastest pace in decades.
In the month of May alone, prices rose 0. 6% on a seasonally adjusted basis, slightly less than in April.
Core inflation, excluding food and energy prices, stood at 0. 7%, down from 0. 9% in April.
Once again prices for used cars and trucks rose sharply, increasing 7. 3% in May and accounting for a third of of the overall May jump.
New car prices also rose in May, ticking up 1. 6%.
Energy prices — which contributed a lot to prior months' increases — were flat in May with gasoline prices falling and other energy items rising.
Prices in the "food away from home" category rose 0. 6%, the fastest pace since September.