Inflation topped 4% in May as CPI surged to highest level in 3 years
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
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The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
Economists expect the Consumer Price Index this week to show U.S. inflation continuing to rise due to higher energy costs.
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
Economists had expected CPI to rise at an annual rate of 3% last month.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
A 2.7% COLA increase would raise the average monthly Social Security payment by about $54.
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
Beef costs around the U.S. surged to a record high in May. What's driving that jump, and are prices likely to ease up?
The average cost of one pound of ground beef reached a record-high of $5.80 in April, according to numbers from the Bureau of Labor Statistics.
Expired sales labels led to overcharges on more than 150 grocery items, according to an investigation led by Consumer Reports and others.
Weakening consumer confidence and mounting uncertainty could hit spending, economists warn.
The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.
Inflation cooled in March, but economists expect prices to reaccelerate as some of President Trump's tariffs kick in.
Americans express concern about their ability to pay bills and save money.
Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.
Americans have struggled with high grocery costs since inflation soared during the pandemic. Now prices are falling.
The monthly report is viewed as key factor in whether the Federal Reserve cuts its benchmark interest rate in September.
Americans can expect ebbing inflation and a strong job market this year, according to the National Association for Business Economics.
Deterrents, deer hunting or trapping, and even deer birth control are among the options city officials are considering to lower the deer population in Beverly Hills.
Michigan State Police say the U.S. Coast Guard located the body at about 11:55 a.m. while assisting an investigation into an abandoned vehicle.
Actions that led to a federal indictment against eight people included threats against the Jewish Federation of Metropolitan Detroit.
A complex of storms will move across the region from west to east later Wednesday evening.
A Flint man was arrested after he allegedly tried to hide a pistol in a baby stroller, Michigan State Police said.
Livonia Police Chief Thomas Goralski said the investigation continues on a shooting that left four people dead on Tuesday evening.
A 15-year-old boy died from a shooting during a confrontation on May 30 with Fraser police.
A complex of storms will move across the region from west to east later Wednesday evening.
Michigan State Police say the U.S. Coast Guard located the body at about 11:55 a.m. while assisting an investigation into an abandoned vehicle.
In a 3-0 ruling, the Michigan Court of Appeals on Tuesday overturned a conviction against a man in connection with the 2020 plot to kidnap Gov. Gretchen Whitmer.
American Axle, which is headquartered in Detroit, is a Tier 1 supplier to General Motors. UAW members have launched a strike at its Three Rivers site.
The UAW became known for fighting for higher wages, improved benefits and safer working conditions for workers across the auto industry.
Stellantis unveiled a nearly $70 million five-year strategic plan with the launch of new vehicles — including hybrids and EVs — over the next five years.
From classic cruisers to new memories still being made, the Woodward Dream Cruise remains a celebration of Michigan's automotive culture.
If you are planning a road trip for Memorial Day weekend, remember that the cost of gas this year is noticeably higher than last year.
The 29th annual Michigan Lottery Arts, Beats & Eats festival kicks off Labor Day weekend in Royal Oak.
Joe Negri, known to many as Handyman Negri on "Mr. Rogers' Neighborhood," has died at the age of 99, just days shy of his 100th birthday.
Stephen Colbert, former host of "The Late Show," is helping raise money for the Michigan nonprofit Monroe Community Media after appearing on a broadcast of the organization's community access program "Only in Monroe" earlier this month.
President Trump said he is considering replacing the Freedom 250 concert series with a rally after many artists dropped out.
Sonny Rollins, the legendary tenor saxophonist known for his bold tone and constant experimentation, has died at 95.
President Trump said the U.S. has taken out "millions" of barrels of Iranian oil in the dead of night, and said inflation will come down when the war ends.
The recall affects certain Honda Pilot, Ridgeline, Passport, and Acura MDX vehicles sold in 23 states and the District of Columbia.
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
Dillon Dingler had two homers among his four hits and drove in four runs, leading the Detroit Tigers to a 10-4 win over the Minnesota Twins.
In a 3-0 ruling, the Michigan Court of Appeals on Tuesday overturned a conviction against a man in connection with the 2020 plot to kidnap Gov. Gretchen Whitmer.
New data from Flint's Rx Kids program shows an 18% reduction in preterm births and a 27% drop in low birth weights, and Detroit officials say they expect similar results as enrollment nears 3,000 families.
Feldman Automotive and the Wahlberg family teamed up to launch the outing six years ago, growing it into one of the region's top charity golf events.
Now out of the hospital, Tavaun Clark says he's focused on recovering and getting back to what he loves most, playing football this summer.
According to the U.S. Attorney's Office, the two people are accused of providing federal authorities with false statements after arriving at the McNamara Terminal on Jan. 25, 2026.
West Nile virus has been detected among mosquitoes in two locations near Grand Rapids, the Kent County Health Department said.
Dillon Dingler had two homers among his four hits and drove in four runs, leading the Detroit Tigers to a 10-4 win over the Minnesota Twins.
2026 will be the final year for the Rocket Classic in Detroit.
Detroit Red Wings captain Dylan Larkin has requested a trade by submitting a three-team list of desired destinations, a person familiar with discussions confirmed to The Associated Press.
Feldman Automotive and the Wahlberg family teamed up to launch the outing six years ago, growing it into one of the region's top charity golf events.
Denny Hamlin went from the rear to first again Sunday, winning at Michigan International Speedway to earn his second consecutive NASCAR Cup Series victory from the pole position.
Four leaders appear in one-on-one conversations on CBS Detroit's Michigan Matters this Sunday to discuss their political futures and the road ahead in the 2026 midterms.
Bob Riney, president and CEO of Henry Ford Health, headlines Michigan Matters this Sunday, along with three other community champions who discuss important issues dissected at the Mackinac Policy Conference.
It's the fourth year the Detroit Grand Prix has been on the streets of the Motor City after moving from Belle Isle.
This week on Michigan Matters, the roundtable talks about the governor's race and the impact of former Detroit Mayor Mike Duggan.
The roundtable discusses the impact of rising gas prices and friction at the federal level with Canada and the U.S., and how it affects tourism.
After years of construction and decades of planning, the Gordie Howe International Bridge appears to be closer than ever to opening.
Operation Frodo is making a 1,800-mile trek to connect adoptive dogs with families. All 16 vehicles used in Operation Frodo are EVs.
The three Fraser, Michigan, police officers who were on a domestic dispute call when a 15-year-old was fatally shot have been cleared in the investigation and will return to duty.
A Livonia man remains in police custody in the aftermath of a shooting that left his father, mother, brother and his brother's girlfriend dead in Livonia on Tuesday evening. Livonia Police Chief Thomas Goralski said Wednesday morning that while the suspect remains in police custody, charges have not yet been filed. Goralski said officers will work with the Wayne County Prosecutor's office on that step, with charges possibly resulting on Thursday.
Deterrents, deer hunting, trapping and even deer birth control are just a few of the options Beverly Hills officials are considering to control the deer overpopulation.