Inflation in the US has jumped to the highest rate since 2008 as the world’s largest economy rebounds strongly from the coronavirus crisis.
The consumer prices index rose at an annual rate of 5% in May, up from 4.2% in April and the highest since August 2008, according to the US Bureau of Labor Statistics. Inflation has steadily climbed since January, when it was 1.4%.
Fears over rising prices in the US have gripped markets, with investors fearing that pent-up demand and supply chain bottlenecks would create inflationary pressures, forcing central bankers at the Federal Reserve to slow their stimulus programme.
But US stocks rallied on the news, with the S&P 500
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