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Consumer prices broadly rose by more than forecast in May as rebounding demand butted heads with various supply shortages through reopening.
The consumer price index climbed by 0.6% from April to May, the Bureau of Labor Statistics said on Thursday. That landed above the median estimate of 0.4% from economists surveyed by Bloomberg. The release followed a 0.8% month-over-month jump in April, which was the largest single-month jump in prices since 2009.
The May increase came mostly from a 7.3% jump in the prices of used cars and trucks, accounting for about one-third of the seasonally details ⇒
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