Consumer Price Index Surpasses Expectations to Hit Nearly 13 High Jump of 5%

Consumer Price Index Surpasses Expectations to Hit Nearly 13 High Jump of 5%

(Bureau of Labor Statistics) US consumer prices rose by 5% year over year in May, the fastest in almost 13 years, beating an estimate of 4.7%.

Consumer Price Index

The highest consumer price jump was recorded in August 2008 at 5.3% before the financial crisis.

Used cars and truck prices surged 7.3% in May and they are now up 29.7% in the last 12 months.

New vehicles index hit the biggest single-month jump since 2009 after rising 1.6% in May to take annual rise to 3.3%.

Energy index was relatively unchanged in May as food index matched April’s gain of 0.4%.

An index without volatile food and energy prices jumped by 3.8%, more than expected 3.5%, the fastest since May 1992.

The uptick in inflation is fueling investor concerns, although the Federal Reserve has termed it temporary.

DXY is up 0.03%, SPY is up 0.38%, QQQ is up 0.65%.

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