Source: Bureau of Labor Statistics
Consumer prices in the United States continued to climb in May to mark the fastest pace in over 40 years. QQQ is down 1.86%, and SPY is down 1.58% premarket.
- Annual inflation clocked in at 8.6% in May, marking the biggest increase since December 1986.
- Annual core inflation stood at 6.0%, while monthly core inflation was 0.6%, unchanged from the previous month.
- The biggest annual increase was recorded in energy prices which surged by 34.6% as energy commodities jumped 50.3% and energy services by 16.2%.
- Prices of gasoline increased by 48.7% and fuel oil by 106.7%, while electricity prices jumped 12.0%, and utility gas service by 30.2%.
- New vehicle prices increased by 12.6%, used cars and trucks by 16.1%, apparel by 5.0%, and medical care commodities by 2.4%.
- Shelter prices grew by 5.5%, transportation services by 7.9%, and medical care services by 4.0%.