Inflation in May likely topped 4% for the first time in 3 years, economists say
Economists say core CPI will rise 2.9% as higher fuel costs push up prices for goods and services, FactSet found.
- Economists polled by FactSet forecast The Consumer Price Index rose 4.2% annually in May, up from 3.8% in April, marking the highest rate since April 2023.
- Higher energy costs are primarily to blame for ongoing inflation, as government policy and conflict in Iran push prices upward, according to economists.
- Mark Zandi, chief economist at Moody's Analytics, said higher diesel prices increase costs for everything on trucks, from groceries to Amazon packages, while airlines passed through higher jet fuel costs.
- Three-Quarters of Americans said their incomes are not keeping up with inflation, according to a recent CBS News poll, reflecting widespread economic anxiety.
- Inflation remains well above the Federal Reserve's 2% annual target, though oil and fuel costs have eased recently according to energy price trackers.
12 Articles
12 Articles
Inflation, as measured by the Consumer Price Index, is expected to exceed 4% for the first time in three years in the US due to the impact of the Iran-Contra trade war on oil prices. The rapid increase in gasoline prices in May is again expected to have a disproportionate effect on the cost of goods overall, pushing prices up at a similar pace to that seen in 2021 and 2022, when the index was headed toward a four-decade high of 9.1%. According t…
Telemundo Houston
Inflation in the U.S. is likely to have increased for the third consecutive month in May, as the war with Iran continues to raise energy prices and increase pressure on U.S. consumers. Economists polled by Dow Jones forecast the annual inflation rate to reach 4.2 percent, well above the 2.4 percent recorded before the war and its highest level since the beginning of 2023. Ever since the Trump administration began the war with Iran, oil prices ha…
Inflation can become one of the biggest enemies of the markets. The US CPI that is published today is the most expected macro data of the week, and unless surprised, it will exceed the threshold of 4%. These levels are as unusual as negative, according to the historical series, for the Stock Exchange. Read
Coverage Details
Bias Distribution
- 72% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
