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Consumer price inflation reached 4.2% in May, the highest mark in three years, boosted largely by higher energy prices that have spiked because of the Iran war, according to federal numbers released on Wednesday. The higher year-over-year inflation rate was expected. But at more than double the Federal Reserve’s target rate of 2%, the new numbers dimmed hopes for a cut in the interest rate. The so-called core inflation rate, which excludes volatile food and fuel costs, was 2.9%. Apparel costs were up 4.8% and the cost of transportation s... Full story
