U.S. May CPI to Hit 3-Year High on Wednesday; 75% of Consumers Say Income Trails Inflation

According to Jin10 data, economists predict the U.S. May CPI report, to be released on Wednesday, will show the largest consumer price increase in over three years. According to Moody's Analytics Chief Economist Mark Zandi, recent inflation is primarily driven by government policy factors including the Iran conflict, unlike pandemic-era supply-chain disruptions. A recent CBS News poll found that three-quarters of U.S. consumers say their incomes are not keeping up with inflation. Economists expect rising energy prices to be a key driver of persistent inflation, with higher fuel costs affecting diesel, air travel, and goods transportation costs.
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