Consumer prices rose 4.2% annually in May, highest in three years

Customers shop at a supermarket on August 14, 2024 in Arlington, Virginia. Sha Hanting | China News Service | Getty Images Inflation accelerated in May as rising energy costs contributed to pain for consumers, though underlying pressures were less intense. The consumer price index, a broad gauge of goods and services costs across the U.S. economy, rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, the Bureau of Labor Statistics reported Wednesday. …