Inflation climbed in May as oil prices pushed costs higher

Inflation is rising — but U.S. consumers seem to be shrugging it off. A key measure of price growth accelerated in May as surging oil prices pushed costs higher

Inflation is rising — but U.S. consumers seem to be shrugging it off, for now.

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A key measure of price growth accelerated in May as surging oil prices pushed costs higher.

The personal consumption expenditures index rose to 4.1% on a yearly basis, the highest reading since April 2023. Stripping out volatile food and energy costs, so-called core PCE measured 3.4%, the highest reading since October 2023.