Washington (AFP) – Sharp increases in the prices for gasoline, fuel oil, shelter and medical care helped send a key measure of annual US consumer inflation to a six-year high in May, according to new data Tuesday.
The Consumer Price Index, which tracks costs in household goods and services, rose 2.8 percent year-over-year, the highest since February 2012.
Compared to April, however, the index rose only 0.2 percent, undershooting analyst expectations.
The Federal Reserve later Tuesday is due to begin a two-day policy meeting which is widely expected to end with the second interest rate increase of the year.
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