Consumer Prices Shoot Higher in May

Consumer prices shot up at the fastest pace in 20 months in May, fueled by a surge in gas prices, although inflation pressures were moderate in most other areas.

The Labor Department reported that its closely watched Consumer Price Index registered a 0.7 percent increase last month, the biggest advance since Hurricane Katrina shut down Gulf Coast oil production in the fall of 2005.

Outside of the volatile energy and food categories, inflation rose by a much more modest 0.1 percent. That was slightly lower than the 0.2 percent which had been expected and provided reassurance that this year's surge in energy costs has not spread to other parts of the economy.

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- Posted: 2007-06-15 08:47:57

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