Inflation rose to 4.2% annually in May, its highest level in three years
The Bureau of Labor Statistics released the year-over-year increase in the Consumer Price Index. Energy prices surged 3.9%.
The Consumer Price Index (CPI) rose 4.2% on an annual basis in May. According to official data, this is the highest level since April 2023.
In April, inflation stood at 3.8% year-over-year.
Additionally, in a statement, the Bureau of Labor Statistics reported that core inflation rose across all items by 2.9% over the 12 months ending in May.
Core inflation includes all goods except for volatile food and energy prices.
In the case of food, the CPI rose by 0.2% in May, while energy surged by 3.9%, reflecting the economic consequences of the conflict in the Middle East.
Over the past 12 months, the energy index rose by 23.5%
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