Times of IndiaLean R·
US inflation climbs above 4% for first time in three years as consumer spending stays resilient
US inflation surged past 4% in May, primarily due to escalating energy costs linked to Middle East tensions. Despite rising living expenses, consumer spending showed resilience, buoyed by tax refunds and stock market gains. While economists anticipate persistent inflationary pressures, the Federal Reserve is considering interest rate hikes later this year to combat the trend.
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