Inflation topped 4% in May as CPI surged to highest level in 3 years
Summary
Inflation in the United States rose to 4.2% in May, the highest level in three years. Rising energy prices, mostly due to disruptions from the Iran war, were the main reason for the increase.Key Facts
- The Consumer Price Index (CPI) increased by 4.2% annually in May, up from 3.8% in April.
- Inflation was 2.4% in January before rising sharply over the next few months.
- The Iran war caused problems in global energy supplies, especially by closing the Strait of Hormuz.
- Energy prices made up over 60% of the monthly rise in the CPI.
- Gasoline prices were 40.5% higher than a year earlier.
- Core inflation, which excludes food and energy, went up 2.9% annually in May.
- Slight drops in fuel prices seen in June are not included in these May inflation numbers.
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