U.S. consumer prices likely continued to rise rapidly in May as the economic recovery picked up, reflecting a surge in demand along with shortages of labor and materials.
The core-price index, which excludes the often-volatile categories of food and energy, likely rose 3.5% in May from a year before, they estimated.
They also projected that the index rose a seasonally adjusted 0.5% in May from April.
Compared with two years ago, overall prices rose a more muted 2.2% in April.
Overall prices, however, jumped at a 7.2% annualized rate in the three months ended in April.
Wall, Labor Department