This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/526212-us-consumer-prices-soar/
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| US consumer prices soar at the fastest pace since 2008 financial crisis | US consumer prices soar at the fastest pace since 2008 financial crisis |
| (3 months later) | |
| Consumer prices in the United States surged 5% in May from a year ago, accelerating at their fastest pace in nearly 13 years, the Labor Department said on Thursday. | Consumer prices in the United States surged 5% in May from a year ago, accelerating at their fastest pace in nearly 13 years, the Labor Department said on Thursday. |
| The consumer price index (CPI) represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods. Economists surveyed by Dow Jones had been expecting a price spike of 4.7%. | The consumer price index (CPI) represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods. Economists surveyed by Dow Jones had been expecting a price spike of 4.7%. |
| That’s the biggest CPI gain since the 5.3% increase in August 2008, just before the financial crisis sent the United States into the worst recession since the Great Depression. | That’s the biggest CPI gain since the 5.3% increase in August 2008, just before the financial crisis sent the United States into the worst recession since the Great Depression. |
| “The strength in the top line indices was driven largely by categories that have been heavily disrupted by Covid and remain under pressure from supply chain disruptions,” senior economist at Alliance Bernstein, Eric Wingorad, was quoted as saying by CNBC. | “The strength in the top line indices was driven largely by categories that have been heavily disrupted by Covid and remain under pressure from supply chain disruptions,” senior economist at Alliance Bernstein, Eric Wingorad, was quoted as saying by CNBC. |
| “The more persistent categories of inflation — the ones that do a better job of capturing the sustainable trend — are significantly more subdued,” he said, adding “That means that the details of today’s print continue to support the idea that the spike in inflation is transitory, even if it is more intense than most forecasters (myself included) would originally have anticipated.” | “The more persistent categories of inflation — the ones that do a better job of capturing the sustainable trend — are significantly more subdued,” he said, adding “That means that the details of today’s print continue to support the idea that the spike in inflation is transitory, even if it is more intense than most forecasters (myself included) would originally have anticipated.” |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
| Dear readers and commenters, | |
| We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system. | |
| Sorry for the inconvenience, and looking forward to your future comments, | |
| RT Team. |