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.
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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.