Economic Buzz: US inflation rises to 4.2% in May

The annual inflation rate in the United States reached 4.2% in May, rising from 3.8% recorded in April, the US Bureau of Labor Statistics (BLS) revealed in its report on Wednesday. The consumer price index (CPI) climbed by 0.5% compared to the previous month.

Meanwhile, the core CPI, excluding food and energy, rose by 2.9% on an annual basis in the reported month, and it increased by 0.2% on a monthly basis. The biggest contributor to the monthly rise in inflation was the increase in energy prices, which grew by 3.9%.

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