The Labor Department said today (June 10, 2021) that inflation rose 5% in May when compared to the previous year, which is higher than expected and the biggest spike since the summer of 2008, the Newser website reports.
The big question is whether it's a pandemic-related blip, and the economic stakes are high if not.
What economists call the "base effect" is at play here, notes the Wall Street Journal. Last year, prices were depressed more than usual because of pandemic shutdowns, and this year's figure looks big in comparison.
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