The Consumer Price Index rose by five percent in May compared to the same period a year ago — the sharpest increase since 2008. The new Labor Department numbers come as consumers are experiencing sticker shock over products like lumber and used cars. We'll talk about whether the price increases are a temporary byproduct of pandemic-related shortages or a sign of an inflationary period to come.
Labor Department Report Rekindles Inflation Fears
DORAL, FLORIDA - MAY 27: Enrique Matamoros (L) and Eva Ramos shop for lumber at a Home Depot store on May 27, 2021 in Doral, Florida. According to the National Association of Home Builders, lumber prices went up 300% last year. Factors driving the price increase are more demand and growing production, labor, and transportation costs. (Joe Raedle/Getty Images)
Ben Casselman, economics reporter, The New York Times