US inflation soars to 5%
The Department of Labor said that the CPI-U measure of inflation, which calculates the rate of price growth for all urban consumers, rose by 1.1% between May and June, which takes the annual measure to 5%.
The estimate was well above market expectations of a 0.7% surge, which would have taken the annual rate to 4.5%.
The Fed tends to pay more attention to the core measure of
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