Prices rose 5 percent in May over the past year as recovery continues [View all]
Source: Washington Post/MSN
The Washington Post
Rachel Siegel 21 mins ago
Prices were up by 5 percent in May compared with a year ago, the largest increase since the Great Recession, continuing a steady climb in inflation even as policymakers insist on staying the course.
Data released Thursday by the Bureau of Labor Statistics showed that prices rose 0.6 percent in the past month. Policymakers have predicted that prices will rise over the coming months, especially compared to a year ago when the economy was still reeling from the pandemic shutdowns.
The most recent crop of inflation figures are unlikely to rattle the Biden administration or Federal Reserve, both of which argue that prices will continue to rise as the economy recovers from the depths of the covid crisis.
The Fed is charged with keeping prices stable and unemployment low. And for now, it is not rushing to control inflation until there’s been substantial progress in the labor market, which is still down 7 million jobs.
Read more: https://www.msn.com/en-us/money/markets/prices-jumped-5-percent-in-may-continuing-inflationary-climb-policymakers-say-it-s-temporary/ar-AAKUgFq
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