Inflation accelerated in May to the fastest pace in 41 years
Inflation swung higher last month as surging gas costs overpowered the Federal Reserve's efforts to slow price growth.
The print reverses the slowdown seen through April and suggests inflationary pressures are still running rampant through the US economy. Many economists had hoped March would represent peak inflation after the following month showed the pace cooling slightly. That optimism has now been replaced with concern that inflation will hold steady at unhealthy levels.
Last month saw energy prices rebound after showing some signs of a cooldown in April. A wide gap between Americans' demand for gasoline and overall supply lifted the average price per gallon of gas to by the end of May. Prices for coal and natural gas also soared, leaving Americans with pricier utilities and manufacturers with higher input costs.
Inflation through May was also broad-based, with few categories showing price declines. Such sweeping inflation is generally regarded as more worrying, as it hints that inflation has evolved from a sector-specific issue to an economy-wide trend.
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