Consumer prices rose last month by 5% compared to May of 2020, marking the biggest year-over-gain since August 2008, according to Consumer Price Index data released this morning. Prices were .06% higher in May than they were in April.
Why it matters: April’s CPI reading intensified concerns that inflation is heating up and will be hard to contain. Today’s data could stoke those fears further and contribute to a self-fulfilling cycle of rising prices.
