U.S. inflation accelerates to six-year high, eroding wages

THE U.S. CPI IN MAY rose 2.8 percent from a year earlier, the fastest pace in more than six years. / BLOOMBERG FILE PHOTO/VICTOR J. BLUE
THE U.S. CPI IN MAY rose 2.8 percent from a year earlier, the fastest pace in more than six years. / BLOOMBERG FILE PHOTO/VICTOR J. BLUE
NEW YORK - United States inflation accelerated in May to the fastest pace in more than six years, reinforcing the Federal Reserve’s outlook for gradual interest-rate hikes while eroding wage gains that remain relatively tepid despite an 18-year low in unemployment. The consumer price index rose 0.2 percent from the previous month and 2.8 percent from…

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