Inflation ticked up again
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1don MSN
Inflation is at a three-year high — and now many Americans are burning through their savings
High gas prices pushed up inflation again last month while adding to Americans’ financial strain: Households are saving at the lowest rate in nearly four years, a new report showed Thursday.
In addition to gasoline, prices for groceries, clothing and electricity are also on the rise, indicating inflation could persist.
The S&P 500 hit a new record on Wednesday, even as soaring gas prices fuel inflation and consumer confidence sinks.
The combination of forces bearing down on the economy spells trouble for Republicans in the midterm elections.
The April reading of the personal consumption expenditures price index was released earlier today.
The Federal Reserve's preferred inflation gauge grew by slightly less than forecast last month. The personal-consumption expenditures price index climbed by 0.4% in April from the previous month, after rising by 0.
FRANKFURT, May 29 (Reuters) - Inflation in the euro zone's four largest economies hovered above the European Central Bank's 2% target for a third straight month in May, preliminary data showed on Friday,