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The Wall Street Journal reports this morning that "US consumer prices 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 consumer-price index surged 5% from a year ago, the highest annual inflation rate in nearly 13 years.

"The index measures what consumers pay for goods and services, including clothes, groceries, restaurant meals, recreational activities and vehicles.

"The annual inflation measurements are being boosted by comparisons with figures from last year during Covid-19 lockdowns, when prices plummeted because of collapsing demand for many goods and services. This so-called base effect is expected to push up inflation readings significantly in May and June, dwindling into the fall."