A woman in rubber gloves shows purchases, after further cases of coronavirus were confirmed in New York, at a Stop & Shop store in Port Washington, New York March 14, 2020. — Reuters picWASHINGTON, May 12 — US consumer inflation surged 4.2 per cent last month compared to April 2020, the Labour Department said Wednesday, posting the biggest year-on-year increase since 2008 as the economy recovered from the pandemic.
Fed officials have insisted any spikes in prices will be temporary as the world’s largest economy recovers from the mass layoffs and business restrictions caused by the Covid-19 pandemic. The annual CPI increase was driven by huge double-digit price surges for gasoline and fuel oil, the report said. Excluding the more volatile food and energy prices, “core” CPI rose 3.0 per cent year-over-year.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US pump prices head for highest since 2014 as hacked fuel pipeline shut | Malay MailNEW YORK, May 11 — US gasoline prices at the pump jumped 6 cents in the latest week and could soon be headed for the highest level since 2014 due to the supply disruption caused by a cyber attack on the country’s biggest fuel pipeline system. The ransomware attack forced Colonial Pipeline to...
Source: malaymail - 🏆 1. / 86 Read more »
US authorises Pfizer-BioNTech vaccine for 12-15 year oldsCovid-19 is generally milder in children but they can pass it on to older, more vulnerable adults. FMTNews
Source: fmtoday - 🏆 5. / 72 Read more »
US drops Deutsche Bank-1MDB probeThe move by the US Department of Justice removes a potential legal headache as Malaysia steps up its demands for compensation. FMTNews Bank DoJ
Source: fmtoday - 🏆 5. / 72 Read more »
US stocks retreat from record high, dollar near 10-week low | Malay MailNEW YORK, May 11 — US stocks fell yesterday and the Dow Jones Industrial Average snapped back from a record high, as worries about accelerating inflation dragged on shares and hobbled the dollar, which struggled at a 10-week low. US equities’ losses deepened as the breakeven rates for US...
Source: malaymail - 🏆 1. / 86 Read more »
US authorises Pfizer/BioNTech Covid vaccine for children 12 to 15 | Malay MailWASHINGTON, May 11 ― US regulators yesterday authorised Pfizer and BioNTech's Covid-19 vaccine for use in children as young as 12, widening the country's inoculation programme as vaccination rates have slowed significantly. The vaccine has been available under an emergency use authorisation (EUA)...
Source: malaymail - 🏆 1. / 86 Read more »
US states oppose a children's version of InstagramPlan could place children directly in the paths of predators. FMTNews
Source: fmtoday - 🏆 5. / 72 Read more »