The Fed Predicted Rising Prices. It's Getting Them.

Consumer price inflation has been in the news recently, and for good reason. Headline inflation in May was up 0.6% over April, higher than expectations and boosting the year-over-year rate to 5%, the fastest rate since 2008. About half of that increase was due to the comparison to last May when prices were broadly falling as the coronavirus begin to spread in the U.S.