Consumer prices jump 5% in May, fastest pace since the summer of 2008

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Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday.

The consumer price index, which represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.

The reading represented the biggest CPI gain since the 5.3% increase in August 2008, just before the worst of the financial crisis sent the U.S. spiraling into the worst recession it had seen since the Great Depression.

In a separate report, jobless claims for the week ended June 5 came in at 376,000. The estimate was 370,000. The total still marked the lowest of the pandemic era.

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