A woman in rubber gloves shows purchases, after further cases of coronavirus were confirmed in New York, at a Stop & Shop store in Port Washington, New York March 14, 2020. — Reuters picWASHINGTON, May 12 — US consumer inflation surged 4.2 per cent last month compared to April 2020, the Labour Department said Wednesday, posting the biggest year-on-year increase since 2008 as the economy recovered from the pandemic.
Fed officials have insisted any spikes in prices will be temporary as the world’s largest economy recovers from the mass layoffs and business restrictions caused by the Covid-19 pandemic. The annual CPI increase was driven by huge double-digit price surges for gasoline and fuel oil, the report said. Excluding the more volatile food and energy prices, “core” CPI rose 3.0 per cent year-over-year.
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