US annual consumer price inflation jumps 5.0% in May: govt

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Washington (AFP) – US consumer prices spiked last month, with the inflation rate accelerating to five percent for the 12 months ending May as energy and used car prices rose, the government said Thursday. That continues the trend seen since January as the world’s largest economy rebounds and prices recover from the sharp declines in the early weeks of the Covid-19 pandemic. Excluding volatile food and energy goods, the “core” consumer price index (CPI) rose 3.8 percent over the last year, without seasonal adjustment, “the largest 12-month increase since the period ending June 1992,” the Labor …

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