US inflation rate jumps to 5%, highest since 2008 – business live

Rolling coverage of the latest economic and financial news


NEWS: Consumer prices rose faster than expected in May.

- Headline CPI rose 5% from a year ago, versus 4.7% expected and the largest annual burst since 2008

- Core CPI rose 3.8% year-over-year, versus 3.5% expected and the fastest pace since 1992

At 3.8% year-on-year in May, core inflation across the US economy has risen at the fastest annual rate since June 1992 (that’s excluding food and energy).

The core CPI jumped again in May, by 3.8% year-over-year, more than the expected 3.5%. By this measure, inflation looks to be accelerating.

But looking at price levels (not %s), this could be seen as catching up after sluggish price increases during pandemic. My view: Inflation is accelerating and we should be trimming stimulus.

Gain in US CPI exceeds forecasts, Fuels inflation concern. U.S. consumer price index rose 5% YoY, vs. 4.7% estimate. Rose 0.6% MoM vs 0.5% expected. Core CPI rose 3.8% most since 1992!

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