Economic Buzz: Consumer Prices In US Spike To 8.6% In May

13 Jun 2022 , 09:07 AM

Consumer prices in the U.S. shot up by more than expected in the month of May, according to a report released by the Labor Department. Consumer price index jumped by 1.0 percent in May after rising by 0.3 percent in April. With the bigger than expected monthly increase, the annual rate of consumer price growth accelerated to 8.6 percent in May from 8.3 percent in April. The monthly jump in consumer prices was partly due to a substantial rebound in energy prices, which soared by 3.9 percent in May. Food prices also continued to see notable growth, jumping by 1.2 percent in May following a 0.9 percent advance in the previous month. Meanwhile, the annual rate of core consumer price growth slowed to 6.0 percent in May from 6.2 percent in April. Powered by Commodity Insights