May CPI higher than consensus estimates at +5% y/y (+0.6% m/m) vs. +4.7% est. & +4.2% in prior month; core +3.8% y/y (+0.7% m/m) vs. +3.5% est. & +3% in prior month … headline at highest since August 2008 & core highest since May 1992 pic.twitter.com/SM7ExrsJR0
— Liz Ann Sonders (@LizAnnSonders) June 10, 2021
Inflation rose at a faster rate in May than any time since the Great Recession, as consumer face higher prices for everyday goods and services.
In its report Thursday, the government said that overall consumer prices rose 0.6 percent in May, bringing the inflation rate to 5 percent over the past year, the highest level since August 2008.
Core inflation, which excludes volatile energy and food costs, rose 0.7 percent in May after an even bigger jump in April, and is up 3.8 over the past 12 months, the quickest rate since 1992.
The sharp rise in consumer prices 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.
*US CORE CPI 3.8% ROSE TO THE HIGHEST LEVEL SINCE 1992
— Alessio (@AlessioUrban) June 10, 2021
CPI: The index for used cars and trucks continued to rise sharply, increasing 7.3% in May. This
increase accounted for about one-third of the seasonally adjusted all items increase.
The "one-time spike" narrative will dominate
— zerohedge (@zerohedge) June 10, 2021
#coal continues to rip higher
Newcastle Coal Futures pic.twitter.com/YmQABMxQt3
— 𝕮𝖍𝖎 (@chigrl) June 10, 2021
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