Consumer Prices Jumped 5 Percent in May, According to Labor Department.
The Labor Department released the new data on June 10.
The five percent jump marked by the consumer price index is the quickest increase since August of 2008.
The core inflation rate, which measures prices outside of food and energy, rose by 3.8 percent, .
The most significant increase in almost 30 years.
In anticipation of the data, .
Federal Reserve Chairwoman Janet Yellen said earlier in the week that the Fed will continue to monitor the U.S. economy for signs of inflation.
Officials of the central bank maintain that the numbers indicate a temporary rise due to the waning pandemic in the U.S. The U.S. economy has averted risks of significant inflation for several decades