Inflation hit hard in May as prices for a wide swath of consumer goods rose at their fastest pace since November, underscoring warnings from central bankers and adding to a growing consensus that the Federal Reserve could raise interest rates by the end of the year.
The Consumer Price Index, which measures prices of a batch of common household products, rose 0.6 percent last month, with much of the increase coming from high fuel costs. The nationwide average for gasoline topped $4 a gallon last weekend as the price of oil reached record levels.
Sphere: Related Content
