ECONOMIC PAIN: Inflation hits fresh 40-year high as consumer prices surge
So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% from the previous year, also more than Refinitiv expected. Core prices also rose 0.6% on a monthly basis, suggesting that underlying inflationary pressures remain strong.
In another worrisome sign, shelter costs – which account for roughly one-third of the CPI – accelerated in May,, climbing 0.6% in May. It marked the fastest one-month gain since 2004. On an annual basis, shelter costs have climbed 5.5%, the fastest since February 1991. Rising prices are eating away the strong wage gains that American workers have seen in recent months: Real average hourly earnings decreased 0.6% in May from the previous month, as the inflation increase eroded the 0.3% total wage gain, according to the Labor Department. On an annual basis, real earnings actually dropped 3% in May.
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