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U.S. inflation rises 4.2% in May, highest since 2023

financeJun 10, 202615831

U.S. Consumer Price Index rose 4.2 percent year over year in May, the highest annual inflation rate since 2023. A surge in energy costs, tied to the conflict with Iran more than three months in, accounted for most of the increase. That higher inflation is squeezing household budgets and complicating the Federal Reserve's effort to bring annual inflation back toward its 2 percent target.

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