The economy is reopening fully and soaring demand, together with supply chain issues and materials shortages, is pushing prices higher. That trend, which has been taking place all year, continued in May.
Stripping out more volatile prices for food, energy and trade services, prices rose 5.3% in the 12 months ended May. That was also the biggest jump on record, though that data series started in August 2014.
For May alone, prices rose 0.8% on a seasonally adjusted basis, a slightly faster pace than in April.
Prices for nonferrous metals, such as aluminum, logged the biggest price hike for goods, while margins of car retailers contributed the biggest jump for services.
This is a developing story. It will be updated