(AURN News) — Things continue to get worse for the nation’s economy after inflation hit a three-year high this week.
According to new numbers released by the Department of Labor, the Consumer Price Index rose 0.5% in May. The increase follows a 0.6% rise in April, continuing a trend of rising prices that has put pressure on household budgets.
Energy costs also increased for the fourth consecutive month, rising 3.9% in May.
Over the past 12 months, energy prices are up more than 23%, while gasoline prices have surged more than 40%.
Food prices also continued their climb, increasing 0.2% during the month.
The latest inflation numbers come as Americans continue to face higher costs for many everyday necessities.
Asked about inflation during an Oval Office appearance on Wednesday, President Donald Trump told reporters, “I love the inflation.”
Trump also claimed that once the war with Iran comes to an end, inflation is “going to come down like a rock.”
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