Listeners:
Top listeners:
-
play_arrow
Inflation Spikes To 4.2% In May, Highest In Three Years
By Andrew Rice | The Center Square
(Worthy News) – U.S. inflation rose by 0.5% in May, coming up to 4.2% over the last 12 months, according to data from the U.S. Bureau of Labor Statistics released on Wednesday.
The inflation rate is now the highest it has been in the last three years.
The index for energy prices rose by 3.8% in May after rising 3.8% in April and 10.8% in March. The energy index accounted for more than 60% of all monthly item increases.
Heather Long, chief economist at Navy Federal, pointed out that the inflation rate in February, before the U.S. conflict with Iran, was at 2.4%.
“Americans are getting squeezed financially,” Long said. “There is real pain, especially for middle-class and lower-income households.”
Prices for food and shelter also drove the uptick in May’s inflation rate. Shelter prices increased by 0.3% for a yearly totaly of 3.4% and food prices increased to 3.1% for the year ending in May 2026.
“It’s tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care,” Long said. “This isn’t just ‘bad vibes’ about the economy.”
Long pointed out that inflation is currently erasing the meager wage gains seen in the market. Wage growth in May is 3.4% for the past year.
Chris Zaccarelli, chief investment officer for Northlight Asset Management, said the data in May was in line with expectations. He warned inflation shows the Federal Reserve cannot cut interest rates soon.
“It’s very possible that things wrap up in the Middle East and shipping gets back to normal over the course of the rest of the year, in which case we can see inflation come down over time and the Fed could hold off raising rates, but if things stay as they are currently, then all bets are off,” Zaccarelli said.
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
German police shot dead the main suspect Sunday in what authorities described as an Islamist terrorist attack targeting Berlin’s Christopher Street Day (CSD) Pride celebrations after he allegedly charged officers with a knife during an attempted arrest.
Christians in southern Egypt were recovering from shock and injuries Friday after a violent crowd attacked a Coptic church in the latest reminder of the pressures facing believers despite government efforts to improve their status.
Concern mounted Friday over the disappearance of a young Christian businessman in Pakistan and the continued imprisonment of two Christian men held for years on blasphemy charges, underscoring the challenges facing the country’s Christian minority.
A growing group of relatives of those murdered in the Sept. 11, 2001, terrorist attacks is urging organizers to prevent New York City Mayor Zohran Mamdani from attending the 25th anniversary commemoration at Ground Zero.
Israeli Prime Minister Benjamin Netanyahu is scheduled to meet President Donald Trump at the White House on Tuesday as the two leaders confront critical decisions over Iran, Gaza and the broader security landscape across the Middle East.
President Donald Trump firmly rejected reports Sunday suggesting that the United States is running dangerously low on military munitions as the administration weighs its next steps in the escalating conflict with Iran.
Typhoon Noul struck China’s southern coast early Sunday, forcing more than 800,000 people from their homes, disrupting hundreds of flights, and prompting the nation’s highest-level warning for potentially deadly flash floods.
WHO WE ARE
The Psalms, hymns, and spiritual songs encapsulate the beauty, wisdom, and eternal truths found in the Bible, creating an immersive experience that resonates with believers and seekers alike.
CONTACT
- +1 908 280-4246
- Essex County, USA
- info@tnjrfm.com