The Federal Reserve (Fed), who sees the current high inflation as transitory, has not precisely defined the term. Its notes only revealed that it generally expects elevated inflation for the remainder of 2021 and foresees inflation to moderate in 2022.
UNITED STATES consumer prices jumped more than expected in May, up 5.4% on a year-on-year (y-o-y) basis, the highest since the summer of 2008, when oil prices were skyrocketing.
Excluding food and energy, core consumer prices rose 4.5% y-o-y, the highest pace since 1992. A third of the increase was due to a sharp 7.3% rise in used car and truck prices.
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