Inflation is Here: Prices Jump 5% in May alone not seen since 2008

The U.S. Labor Department reported consumer prices for May accelerated 5%, their fastest pace in almost 13 years. Economists surveyed by the Dow Jones had previously predicted that the Consumer Price Index, or CPI would increase by 4.7%.

Prices haven’t jumped this much since August of 2008, just before the U.S. spiraled into the Great Recession. Even last month saw a price jump of 4.2% from April 2020. Since the year began, the price index has increased 3.8%.

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