(CNBC) Consumer prices jumped more than expected in May, but the surge in inflation looks to be temporary and should not push the Federal Reserve to tighten policy for now. The consumer price index rose 5% in May on a year-over-year basis, the highest since the summer of 2008, when oil prices were skyrocketing.
Inflation is hotter than expected, but it looks temporary and likely won’t affect Fed policy yet
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