US May CPI hit 4.2% year-on-year, the highest since mid-2023, as energy prices surged. Core eased to 2.9% and supercore services decelerated sharply. The energy shock is inadvertently doing the Fed's demand-destruction work.
US headline CPI climbed to a three-year high of 4.2% year over year in May, with the three-month annualized rate reaching 8.2% as energy costs from Middle East tensions drove the overshoot. Source
