US consumer spending accelerated in May, suggesting that Americans are powering through the fallout from the Iran war despite prices rising at the fastest pace in more than three years.
The personal consumption expenditures price index jumped 4.1 per cent from a year ago. This annual increase aligned with expectations for the month.
Additionally, the core personal consumption expenditures rose at a 3.4% annual rate in May. This figure marks the highest growth for inflation since October 2023.