The consumer price index in the US rose by 1% in May compared to the 0.3% increase in April, signaling a persistent high cost of living.
- Compared to a year earlier, the index surged to 8.6% in May, expanding from the 8.3% year-on-year jump reported a month ago. The highest level since 1981.
- The core index that excludes volatile food and energy items came in at 0.6% last month, the same as 0.6% reported in April.
- Energy prices surged 4.6% compared with May last year, and food prices rose 10.1% over that period. That is the first jump of 10% or more in more than 40 years.
Airline fares increased by 37.8% as new vehicle prices rose by 12.6%, and used vehicles increased by 16.1%.
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Source: US Bureau of Labor Statistics