than economists anticipated. It was the second largest monthly increase in more than a decade, just behind April’s 0.8 percent spike.
Some inflation hawks, such as Republican Sen. Rick Scott of Florida, have treated the latest numbers as confirmation that government spending on coronavirus relief is causing prices to spiral out of control. “Today’s CPI data again proves true what I have been warning about for months – inflation is rising and so are the prices of goods for Florida families,” he said in aAdvertisementBut beneath the big topline numbers, there’s a more a complicated and reassuring picture.
The fact that so much of last month’s price increases were concentrated in cars and travel suggests that at least a significant portion of what we’re seeing now really is temporary.
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