Thursday’s report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring American households and inflicting particular harm on low-income families and people of color.
WASHINGTON — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from a year earlier, unchanged from its level in April.
On a month-to-month basis, Thursday’s report showed, prices rose 0.6% from April to May, up from the 0.2% increase from March to April.Chronically high inflation has become a leading threat to the economy and a political hazard for President Joe Biden and Democrats as midterm elections near. Seventy-nine percent of U.S. adults describe the economy as poor, according to . Inflation is eclipsing the healthy 3.
A humane shelter is reeling amid an influx of pets given up by owners who can no longer afford them.
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