Inflation hits 4.1 percent in May, highest level in 3 years
Summary
Inflation in the U.S. reached 4.1 percent in May, the highest rate in over three years. Prices increased by 0.7 percent in May alone, showing that costs for goods and services are rising faster.Key Facts
- Inflation hit 4.1 percent for the year ending in May.
- This is the highest inflation rate in more than three years.
- Prices rose by 0.7 percent during the month of May.
- The data comes from the Commerce Department.
- Inflation is measured using personal consumption expenditures (PCE), which tracks spending on goods and services.
- Higher inflation means the overall cost of things people buy is going up.
- This increase shows the economy is seeing faster price growth.
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