- June 10, 2021
- Posted by: Stratford Team
- Category: Business
Orion Advisor Solutions chief invest strategist Rusty Vanneman shares his market predictions.
U.S. consumer prices increased in May at the fastest annual rate in nearly 13 years as the economic comeback from COVID-19 lockdowns continues to build momentum.
The Labor Department said Thursday that the consumer price index in May rose 5% year over year, hotter than the 4.7% increase that was anticipated. The reading was above last month’s 4.2% print.
Prices jumped 0.6% month over month, quicker than the 0.4% increase that was expected by analysts surveyed by Refinitiv.
The annual data has a “base effects” skew due to the decline in prices that occurred at the start of the pandemic.
USED CAR PRICES HIT RECORD HIGH ON MANHEIM WHOLESALE INDEX
Used car and truck prices surged 7.3%, accounting for about one-third of the index’s gain. Food prices, meanwhile, rose 0.4% matching April’s increase. Energy prices were unchanged from April as a decline in…