Consumer prices surged 5 percent in May, fastest pace since 2008

Inflation soared by 5 percent in May, the fastest year-over-year pace since 2008, as surging demand from the reopening economy met supply chains choked with shortages. Rising prices in the heating, yet fragile, economy continue to erode consumer purchasing power, according to the latest Consumer Price Index report, which the Bureau of Labor Statistics released Thursday morning.

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