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Inflation beginning to tick up

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Inflation beginning to tick up

Consumer Price Index rises the most in over a year.

The Labor Department reported today that the Consumer Price Index (CPI) increased 0.4% in May, primarily due to increases in food costs. This follows April’s rise of 0.3%.

Analysts had expected an increase of 0.2%.

Excluding the volatile food and energy sectors, core inflation grew 0.3% during the month, the largest increase since the summer of 2011.

In the 12 months through May, the CPI rose 2.1%.

Following rises in prices in both April and March, May’s increase, along with rising producer prices, is spurring concern that inflation may be gaining momentum.

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