Wall Street is looking for a sign, any sign, that U.S. inflation is coming off a rapid boil. But they are unlikely to find much cooling off in May's report...
Wall Street is looking for a sign, any sign, that U.S. inflation is coming off a rapid boil. But they are unlikely to find much cooling off in May’s report on consumer prices.
The consumer price index is expected to show a large 0.7% increase when the report is released Friday morning — more than double the gain in the prior month. Until very recently, most of the inflation in the U.S. was concentrated in goods such as new and used vehicles, gasoline, food and other consumer goods.
Restaurants are paying higher prices for foodstuffs, for example, and home builders are still hampered by high costs of supplies and labor. By far the biggest contributor to service inflation has been escalating rents and home prices. Shelter is the single biggest component of the consumer price index, making up one-third of the overall price gauge.Owing to higher rents, the so-called core rate of inflation is forecast to rise a sharp 0.5% in May. That would put the yearly rate at a steep 5.9% vs. 6.2% in March.
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