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May inflation breakdown: Where are prices rising the fastest?
Inflation hotter than expected in May
FOX Business’ Cheryl Casone breaks down the consumer price index for May.
American households are confronting the steepest inflation in four decades, with rising consumer prices straining workers' budgets and making it increasingly difficult for them to afford everyday necessities.
The Labor Department said Friday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Those figures were both higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists.
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It marks the fastest pace of inflation since December 1981.
So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% from the previous year, also more than the Refinitiv estimate. Core prices rose 0.6% on a monthly basis, suggesting that underlying inflationary pressures remain strong.
"Inflation surprised to the upside in May, placing more pressure on [Federal Reserve] policymakers," said Curt Long, chief economist at the National Association of Federally-Insured Credit Unions. "Energy was a key contributor, both as a consumer good and as an input in other areas that saw strong growth, like airfares. But price gains were strong across the board."
Here's a breakdown of where Americans are seeing prices rise the fastest as they wrestle with sticker shock for the first time in a generation: