Consumer prices surged 8.6% last month from a year earlier, faster than April’s year-over-year increase of 8.3%, the Labor Department said Friday.
Consumer prices surged 8.6% last month from a year earlier, faster than April’s year-over-year increase of 8.3%,. The new inflation figure, the highest since 1981, will heighten pressure on the Federal Reserve to continue raising interest rates aggressively.
“Virtually every sector has higher-than-normal inflation,” said Ethan Harris, head of global economic research at Bank of America. “It's made its way into every nook and cranny of the economy. That's the thing that makes it concerning, because it means it's likely to persist.” Employers face immense pressure to raise pay in a job market that remains robust, with low unemployment, few layoffs and near-record job openings. But while average wages are rising at their fastest pace in decades, they aren't increasing fast enough for most workers to keep pace with inflation. Many households accumulated savings from government stimulus aid during the pandemic and are now having to draw on those savings to pay bills.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
US inflation hit 8.6% in May, a new 40-year highConsumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
Lire la suite »
US inflation hits new 40-year high of 8.6% for MaySURGE: The costs of gas, food, and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Lire la suite »
US inflation hit 8.6% in May, a new 40-year highConsumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
Lire la suite »
Bitcoin price falls under $29.5K after 'unexpected' 40-year high US inflationThe ghost of the highest inflation since 1981 gets traders pricing in three more 0.5% rate hikes by October.
Lire la suite »
Inflation hits fresh 40-year high in May with consumer prices surging 8.6%The May consumer price report, released on Friday, sheds light on whether inflation is peaking, or whether consumers will continue to face rising costs in coming months.
Lire la suite »
U.S. inflation hit a new 40-year high last month of 8.6%The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Lire la suite »