Headline CPI inflation jumped up to 3.2% year-on-year (y/y) in May up from 2.8% in April, above consensus expectations. Higher prices at the pump were the main culprit, with inflation ex-gasoline up a more modest 2.2% y/y. Prices at the pump were up 33.2% y/y in May reaching their highest levels since June 2022. Food […]
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