- June 16, 2021
- Posted by: Stratford Team
- Category: Economy
The cost of imported goods climbed again in May and contributed to the biggest flareup in U.S. inflation in more than a decade — a flareup the Federal Reserve insists will die out once the economy fully returns to normal.
The import price index advanced 1.1% in last month, the government said Wednesday. Economists polled by Dow Jones and The Wall Street Journal had forecast 0.7% increase.
Import prices have climbed 11.3% over the past 12 months to mark the fastest pace since 2011.
The cost of foreign oil, cars and trucks, consumer goods and industrial supplies all rose in May.
Excluding fuel, import prices moved up 0.9%.
Inflation is rising by every measure, but the Fed blames it on temporary shortages and spikes in demand tied to the reopening of the economy. Americans are rushing to buy or do all the things they couldn’t do during the pandemic.
Read: U.S. consumer prices soar again and push inflation rate to 13-year…
