May CPI data shows inflation rose 8.6% in the latest 12 months, its fastest in 40 years, extinguishing hopes inflation had reached its peak.
May inflation increased rapidly past expectations, tarnishing market hopes that inflation had peaked and re-upping fears that the U.S. economy could be nearing yet another recession.
Prices for shelter, gas and food all rose in May following an April decline, with overall inflation rising 8.6% over a 12-month period before seasonal adjustment, according to the latest Consumer Price Index data released Friday by the U.S. Bureau of Labor Statistics (BLS). This represents the fastest annual increase in over 40 years. Click here to read the full article from the Restaurant Dive.
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