Inflation in the US Reached a 13-Year High
Inflation in the US reached a 13-year high. Inflation in the USA reached 5 percent in May.
Inflation rate in the US exceeded expectations in May and reached 5 percent annually. Inflation, which was 0.6 percent on a monthly basis, last reached these levels in August 2008.
Economists had predicted that inflation data would increase by 4.7 percent annually and 0.5 percent monthly. In May, an annual rise of 3.5 percent was expected in the CPI, excluding food and energy. Bloomberg Economics had expected annual CPI growth to test 5 percent, the highest level since August 2008. In April, the CPI increased by 4.2 percent annually and 0.8 percent monthly, above the market expectations.
The inflation surprise index calculated by Citigroup for the USA showed an all-time high level of 70.71 in May. This data reveals how high inflation is compared to market expectations.
The last important data announced before the monetary policy meeting of the US Federal Reserve (FED) to be held on June 15-16 was US inflation. Now the markets are carefully waiting for this meeting.