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US Inflation Climbs to Three-Year High of 4.2% as Fuel Costs Surge, Complicating Federal Reserve's Policy Outlook
A sharp increase in fuel prices pushed US inflation to its highest annual rate in three years in May, according to data released by the Labour Department on Wednesday, reinforcing expectations that the Federal Reserve may need to keep interest rates elevated for an extended period. Consumer prices rose 4.2% in May compared with the same month a year earlier, accelerating from 3.8% in April and marking the third consecutive monthly increase in annual inflation. On a month-to
2 days ago4 min read
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