Hot inflation may have become scorching in May and is expected to hit a 28-year high

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Inflation has been warming up this spring, and it’s expected to hit historical levels for the month of May.

The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years.

Economists expect both core and headline CPI rose by 0.5% in May. Headline CPI is expected to jump 4.7% year-over-year, the highest rate since sky high energy prices spiked…



Source cnbc.com

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