13th
Annual cost-of-living rate rises to 4.2% after higher-than-expected May increase. Energy costs surge 17.4% over 12 months.
The cost of living rose in May, as consumers were belted by energy costs, the government said Friday. The Consumer Price Index, a key inflation reading, rose 4.2% through the 12 months ended in May, according to the Labor Department. This compared to an increase of 3.9% during the 12 months ended in April. For the month of May, overall CPI rose 0.6%, compared to an increase of 0.2% in April. That’s the biggest increase since last November, when the overall CPI surged 0.9%. A consensus of analysts interviewed by Briefing.com had projected an increase of 0.5% for May. The dramatic increase in energy costs were largely responsible for the overall inflation. Energy costs rose 4.4% in May, and surged 17.4% over the 12 months ending in May, the Labor Department said.
