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Energy prices drove most of May's inflation increase
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Will higher energy prices force the Federal Reserve to raise rates? That fear picked up after the latest inflation reports showed that the conflict in the Middle East pushed energy prices sharply higher last month. Now, there is some good news here.
Energy prices drove most of May's inflation increase
Rising energy costs accounted for more than 60% of May’s increase in consumer prices, according to new data released June 10 from the U.S. Bureau of Labor Statistics. Consumer prices rose 0.5% during the month and were 4.2% higher than a year ago. Gasoline prices increased 7% in May alone and were 40.5% higher than a year ago. Energy prices rose 23.5% over the past year. The Bureau of Labor Statistics said higher energy costs accounted for more …
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