US Consumer Spending Picks Up as Inflation Hits Three-Year High (opens original article in a new tab)

US consumer spending accelerated in May as inflation reached a three-year high, with prices rising 4.1% annually and core inflation at 3.4%.

• US consumer spending increased in May despite inflation rising to a three-year high
• Inflation-adjusted spending rose 0.3% after stalling in April
• The personal consumption expenditures price index increased 4.1% year-over-year, the highest since April 2023
• Core inflation excluding food and energy rose 3.4% year-over-year