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Friday, June 13, 2008
Inflation Jumps 0.6% in May
Associated Press
Inflation shot up in May at the fastest pace in six months, pushed higher by soaring costs for gasoline and other types of energy.
The U.S. Labor Department reported Friday that consumer prices rose by 0.6% last month, the biggest one-month increase since last November, as gasoline costs surged by 5.7%. Food prices, which have also been rising sharply, were up 0.3% as the cost of beef and bakery products showed big increases.
Core inflation, which excludes energy and food, edged up a more moderate 0.2% in May. But even there, core prices are up 2.3% over the past 12 months, above the Federal Reserve's comfort zone.
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