politics
Inflation hits 4.1 percent in May: 5 takeaways
Key takeaways
- The Federal Reserve s preferred gauge of inflation showed prices rising 4.1 percent over the past year and 0.7 percent in May alone.
- Here are five takeaways from the new inflation data.
- The new personal consumption expenditures (PCE) report showed the stark costs of the war in Iran, where the closure of the Strait of Hormuz throttled the global supply of oil and other key commodities.
Why this matters: political developments that affect policy direction and public trust.
The Federal Reserve s preferred gauge of inflation showed prices rising 4.1 percent over the past year and 0.7 percent in May alone. While much of the increase came from higher energy prices tied to the Iran war, the breadth of May price hikes alarmed economists.
Here are five takeaways from the new inflation data.
The new personal consumption expenditures (PCE) report showed the stark costs of the war in Iran, where the closure of the Strait of Hormuz throttled the global supply of oil and other key commodities.
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