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Consumer prices rose 5% from last May, as pace of inflation ticks up

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.

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