U.S. Inflation Surpasses Expectations, Consumer Confidence Weakens in May

The United States’ inflation rate for May has exceeded expectations. Odaily reports a preliminary estimate of 7.3%, surpassing the projected 6.50% and the previous value of 6.50%. The five to ten-year inflation forecast is also higher, at 4.6% according to an initial estimate, compared to the expected 4.40% and the previous figure of 4.40%. Meanwhile, consumer confidence took a dip in May. According to the University of Michigan, the index stands at 50.8, falling short of the anticipated 53.4 and lagging behind the prior value of 52.2.