US inflation soars to 5.6%
The Department of Labor's headline CPI-U measure of annual inflation rose to 5.6% last month, up from 4.8% in June. Core inflation hit 2.5%.
Surges in prices of food and beverages, and transportation costs were the main culprits. Transportation costs have shot up 13.4% year-on-year, with prices for food and beverages rising by 5.8%. However, the pace at which transportation costs have risen has slowed significantly, from 3.8% over
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