Inflation hits 4.1 percent in May, highest level in 3 years

Annual inflation hit the highest level in more than three years last month as prices across the economy rose at an even quicker pace, according to data released Thursday by the Commerce Department.

Prices rose 4.1 percent over the past year and 0.7 percent in May alone, as measured by the personal consumption expenditures (PCE) price index. Without food and energy, prices were up 3.4 percent over the past year and 0.3 percent in May.

The annual inflation rate of 4.1 percent is the highest since April 2023, and follows several months of steadily rising price growth driven by the war in........

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