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May’s US CPI Grows Faster than Expectations
 
U.S. consumer prices surged 5% Y/Y  vs. encomiasts’ consensus 4.7% reflecting a surge in demand along with shortages of labor and materials. Prices for used cars and trucks led the surge up 7.3%. 

A sharp increase in April was enough to make many anxious about how long a period of elevated inflation will last. Short-lived bursts of inflation that are tied to supply chain bottlenecks, as in the case of cars, or stimulus-check spending wouldn’t do lasting damage to the economy. But entrenched price rises, which would show up in things like rent, could force the Fed to cut its support of the economy sooner than expected and crimp the White House’s expansive spending plans.