[Hoot Gibson]

Inflation during May was once again higher than experts expected. The Biden administration apparently intends to spend (waste) as much money as possible and stick the 2024 Republican administration with the tab. The federal government is out of control. We cannot afford four years of China Joe but we are stuck with him. Thanks, BGR socialists.

Consumer prices jump 5% in May, fastest pace since the summer of 2008

• Headline consumer prices rose 5% year over year in May, the fastest pace since August 2008 and higher than Wall Street expectations.
  
• The 3.8% rise in the core inflation rate, which excludes food and energy prices, was the sharpest increase in nearly three decades.
  
• Surging used car car prices helped drive much of the inflation gains.
  
• Initial jobless claims totaled 376,000, a touch higher than the estimate.
  

Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday.

The consumer price index, which represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods, rose 5% from a year earlier. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.

The reading represented the biggest CPI gain since the 5.3% increase in August 2008, just before the financial crisis sent the U.S. spiraling into the worst recession since the Great Depression.