The May Inflation report is now in – it is a complete disaster.
US inflation jumped 8.6% in May.
JUST IN – US inflation jumps to 8.6% in May, the highest since 1981.
— Disclose.tv (@disclosetv) June 10, 2022
U.S. consumer inflation in May reached its highest level in more than four decades as surging energy and food prices pushed prices higher.
The Labor Department on Friday said that the consumer-price index increased 8.6% in May from the same month a year ago, marking the highest reading since December 1981.
Economists surveyed by The Wall Street Journal had expected the consumer-price index to rise 8.3% in May.
Markets had been on edge waiting for Friday’s inflation figures. Traders and strategists say the inflation data could heavily influence the next stretch of trading for markets and help shape the Federal Reserve’s interest-rate decisions for later this year.
Breakdown of the report:
Inflation just hit a NEW 40-year high.
Overall CPI: +8.6% since last year
Fuel Oil: +106.7%
Meat, Poultry, & Fish: +13.1%
Used Cars: +16.1%
Airline Fares: +37.8%
Real Average Hourly Earnings: -3%
— Jacki Kotkiewicz (@jackikotkiewicz) June 10, 2022
Just out, really bad CPI – 8.6%. Worst number since December, 1981. Employment numbers 6,000,000 lower than it should be! I told you so. Should never have happened!