The US Consumer Price Index (CPI) posted 5% year-on-year growth in May, up from the 4.2% increase recorded the previous month. The result comes in slightly higher than the 4.7% consensus estimate.

In month-on-month terms, prices increased by 0.6% in May, down from the 0.8% rate recorded in April.

A breakdown of the Bureau of Labor data makes for some eye-watering reading, particularly with regard to annualized data in COVID-sensitive indices. For example, the price of gasoline has increased by 56.2% over the past 12 months; energy prices overall have increased by 28.5% over the same term. However, price momentum has trailed off in recent months, with gas prices dropping 1.4% and 0.7% over April and May respectively.