US inflation climbs to highest rate since 2008

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Stocks rally to fresh highs as data shows consumer price index rose at annual rate of 5% in May

Inflation in the US has jumped to the highest rate since 2008 as the world’s largest economy rebounds strongly from the coronavirus crisis.

The consumer price index rose at an annual rate of 5% in May, up from 4.2% in April and the highest since August 2008, according to the US Bureau of Labor Statistics. Inflation has steadily climbed since January, when it was 1.4%.

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