A well-known measure of inflation jumped in May at its quickest year-over-year rate in almost 13 years, according to the Department of Labor. So reports CNBC.
The May consumer price index was up 5% from 2020, ahead of a projected 4.7%.
The Federal Reserve has largely shrugged off the rising numbers as temporary due to the COVID-19 pandemic.
Read the full article from CNBC.