Data released by the U.S. Department of Labor on the 10th showed that, due to continued increases in energy costs, the U.S. Consumer Price Index (CPI) in May rose 4.2% year-on-year, higher than April’s 3.8%, marking the highest level since May 2023.
The data showed that, excluding food and energy items, the U.S. core CPI in May increased 2.9% year-on-year, higher than March’s 2.8%, and reaching the highest level in seven months.
According to the data, the month-on-month increases for May CPI and core CPI were 0.5% and 0.2% respectively. Among them, the increase in the energy price index contributed to over 60% of the month’s CPI increase.
Analysts believe the latest inflation figures mean Americans are facing higher living costs, while also placing greater pressure on the U.S. Federal Reserve in terms of monetary policy.
The Three Major U.S. Stock Indexes Fell Sharply
The three major U.S. stock indexes fell sharply on the 10th.
At market close, the Dow Jones Industrial Average dropped 953.33 points from the previous trading day, closing at 49,918.78 points, a decrease of 1.87%; the S&P 500 Index fell 119.66 points to 7,266.99 points, a drop of 1.62%; and the Nasdaq Composite Index fell 509.32 points to 25,169.50 points, a decrease of 1.98%.