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.
Watch CBS News
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
Every 1-cent increase in gasoline prices reduces consumer spending by $1.5 billion annually, one economist says.
Those prioritizing economy say Trump is not spending enough time on it, as ratings of economy, his handling of inflation slip.
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 White House levied new import duties on its three closest trading partners.
"Shrinkflation" — when companies charge the same for smaller sizes — is a sneaky way to raise prices. Read on to see what kind of products have shrunk the most.
The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.
The deal, available through Subway's app and website for a limited time, is aimed at inflation-weary consumers.
Drivers could continue to see higher car insurance rates in 2024, with the average U.S. rate projected to jump 22% this year.
The monthly report is viewed as key factor in whether the Federal Reserve cuts its benchmark interest rate in September.
Although Donald Trump vows to bring U.S. prices down "very quickly," some economists say his policies could rekindle inflation. Here's what to know.
The latest consumer price data furthers the case for an interest rate cut by the Federal Reserve as soon as September.
Key report on consumer prices comes ahead of interest-rate decision by the Federal Reserve in the afternoon.
Is the issue of abortion offsetting the drag on President Biden stemming from inflation nationally and immigration in a state like Arizona?
The hotter-than-expected inflation reading could cause the Federal Reserve to delay interest rate cuts, analysts said.
Consumer prices in January rose 3.1% from a year earlier, higher than economists had forecast, as food and housing costs jumped.
U.S. economy continues to plow ahead, as holiday shoppers shell out more on gifts this year than predicted.
Chipotle attributes plans to bump up menu prices again to "state of the economy," a company spokesperson told Insider.
The Consumer Price Index rose at an annual rate of 3%, the Labor Department said on Wednesday.
The Saudi cut of 1 million barrels per day comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Stubbornly high prices are continuing to ease, but remain far above Fed's target.
A dollar spent on food is split up among a dozen industries, many of which are seeing their own prices rise.
Lower-income Americans and seniors are among those hit hardest by stubbornly high grocery prices.
Universal Studios said crews are still testing the roller coaster and are reviewing sound levels.
The family of Keith Porter was joined by community advocates on Wednesday as they demanded that charges be filed against the off-duty Department of Homeland Security agent who fatally shot Porter on New Year's Eve in Northridge.
Long Beach police have released photos of the alleged hit-and-run driver and vehicle involved in a crash that damaged several cars and left two people hospitalized in June.
As a sweltering heat wave grips Southern California, many Los Angeles residents are finding that staying cool isn't just about comfort, but also about safety. For many, finding that relief has been difficult due to power outages and faulty air conditioning systems.
Some Chino residents are voicing their concerns about a proposed 400-megawatt battery storage facility that is set to go before the city's planning commission on Wednesday night.
Universal Studios said crews are still testing the roller coaster and are reviewing sound levels.
The family of Keith Porter was joined by community advocates on Wednesday as they demanded that charges be filed against the off-duty Department of Homeland Security agent who fatally shot Porter on New Year's Eve in Northridge.
Long Beach police have released photos of the alleged hit-and-run driver and vehicle involved in a crash that damaged several cars and left two people hospitalized in June.
As a sweltering heat wave grips Southern California, many Los Angeles residents are finding that staying cool isn't just about comfort, but also about safety. For many, finding that relief has been difficult due to power outages and faulty air conditioning systems.
Some Chino residents are voicing their concerns about a proposed 400-megawatt battery storage facility that is set to go before the city's planning commission on Wednesday night.
Universal Studios said crews are still testing the roller coaster and are reviewing sound levels.
The family of Keith Porter was joined by community advocates on Wednesday as they demanded that charges be filed against the off-duty Department of Homeland Security agent who fatally shot Porter on New Year's Eve in Northridge.
Long Beach police have released photos of the alleged hit-and-run driver and vehicle involved in a crash that damaged several cars and left two people hospitalized in June.
As a sweltering heat wave grips Southern California, many Los Angeles residents are finding that staying cool isn't just about comfort, but also about safety. For many, finding that relief has been difficult due to power outages and faulty air conditioning systems.
The Los Angeles Police Department is in pursuit of a burglary suspect who allegedly assaulted an officer in South LA.
Huntington Beach police have arrested a man in connection with a fatal DUI crash that killed a 53-year-old woman in April after her car veered into the marshlands on the side of Pacific Coast Highway.
The lawsuit alleged that between August 2020 and April 2025, S&K Towing Inc illegally sold or disposed of nearly 150 vehicles, many of which were registered to Camp Pendleton addresses.
The rider and three passengers of the vehicle were hospitalized with injuries of varying severity, police said.
After an outcry from immigrant rights groups and residents, Costa Mesa city leaders will reconsider their use of Flock automatic license plate readers.
A man who was allegedly armed with an axe and multiple knives was arrested following an hours-long barricade inside a Fullerton business on Sunday afternoon, according to police.
Some Chino residents are voicing their concerns about a proposed 400-megawatt battery storage facility that is set to go before the city's planning commission on Wednesday night.
After nearly 45 years, Riverside County investigators have identified the Jane Doe whose remains were discovered in 1981 as the victim of a Los Angeles County murder.
Nearly 50 years after he was killed in a crash in Riverside County, authorities have finally identified the 18-year-old victim with the help of advances in forensic technology.
Friends and family are praying for the safe return of a 63-year-old Long Beach woman who is still missing after going on a dirt bike ride in San Bernardino County last week.
The California Highway Patrol issued an Amber Alert for a 3-year-old who had last been seen in Kern County.
Defending World Cup champion Argentina rallied to edge England 2-1 to advance to Sunday's final at MetLife Stadium, where they will face Spain.
The Pentagon will now require service members over 30 to screen for testosterone deficiency, and if needed, they can elect to have testosterone replacement therapy.
A blood test may predict if apparently healthy older adults are likely to develop Alzheimer's symptoms in the next five or 10 years, researchers say.
The measure also allows states to opt out if they take action before the federal law is enacted.
In a match Tuesday featuring two of soccer's biggest heavyweights, Spain put in a masterful performance, frustrating France to the tune of a 2-0 win to advance to Sunday's World Cup final.
The Pentagon will now require service members over 30 to screen for testosterone deficiency, and if needed, they can elect to have testosterone replacement therapy.
The measure also allows states to opt out if they take action before the federal law is enacted.
U.S. District Judge Kathleen Williams said President Trump's lawsuit against the IRS had been filed for an "improper purpose."
Congress is returning to Washington with limited time to address a number of priorities ahead of a lengthy August recess and the sprint to the midterm elections.
Sen. Mitch McConnell released a statement on his health on Sunday along with a photo of himself and his wife, Elaine Chao, after questions swirled about his condition.
Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Some Trader Joe's shoppers will get a payout after a lawsuit alleged that the retailer's customer receipts put shoppers at risk of ID theft.
California Attorney General Rob Bonta and local prosecutors urged parents to check their children's e-bikes, saying some of the vehicles may be motorcycles or mopeds capable of high speeds.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
A bill that would reverse a 25% tax increase on California's legal cannabis industry is heading to Gov. Gavin Newsom's desk, after being approved by the legislature.
Officials are still searching for the source of the outbreak, prompting consumers to seek advice on social media about which foods to avoid.
Former NFL running back Chris Johnson announced that he was diagnosed with ALS, also known as Lou Gehrig's disease, in a "Good Morning America" interview.
Los Angeles County health officials on Saturday confirmed the fifth measles case of the year in an international traveler who arrived at Los Angeles International Airport earlier in the week.
At least 80 deaths have been reported in a new Ebola disease outbreak in Congo and Uganda, authorities said.
California public health officials said on Wednesday that they have identified a fifth resident who may have been exposed to the Andes hantavirus due to the outbreak on the MV Hondius cruise ship.
Initial findings showed no evidence of rising statewide unemployment claims from workers in occupations considered highly exposed to AI.
Ford is recalling more than 250,000 vehicles that were incorrectly repaired under a previous recall meant to fix a problem that caused the engine to stall while driving, according to the National Highway Traffic and Safety Administration.
The California State Assembly passed a new bill that they hope can rein in a black market in restaurant reservations.
Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Some Trader Joe's shoppers will get a payout after a lawsuit alleged that the retailer's customer receipts put shoppers at risk of ID theft.
The inaugural roster for LOVB Los Angeles includes several Olympic medalists from the U.S. volleyball team.
Defending World Cup champion Argentina rallied to edge England 2-1 to advance to Sunday's final at MetLife Stadium, where they will face Spain.
The World Cup semifinal between England and Argentina was a grudge match, reopening decades-old wounds for both countries.
Dylan Cease struck out the side in the first inning, combining with 10 relievers on a three-hitter in a show of pitching dominance that led the American League to a 4-0 win over the National League in the All-Star Game.
In a match Tuesday featuring two of soccer's biggest heavyweights, Spain put in a masterful performance, frustrating France to the tune of a 2-0 win to advance to Sunday's World Cup final.
After years of trying to bring the film industry back to Hollywood, it seemed that the recently passed tax incentive program was working for California. Now, more than 40 state lawmakers are warning that a provision buried in the new state budget could undo their progress.
New Zealand actor Sam Neill, known for "Jurassic Park" and "The Piano," died Monday at 78, his family says.
Bonnie Tyler, the Welsh pop star best known for singing the chart-topping power ballad "Total Eclipse of the Heart" in 1983, has died. She was 75.
The nominations for the 78th annual Primetime Emmy Awards were announced Wednesday morning in Los Angeles, with the final season of HBO Max's "Hacks" setting a new record for the most nominations in a single year for a comedy series.
AI-generated actor Tilly Norwood is set to star in her first feature film, with her creator saying that "art will be imitating life."
Boyle Heights residents near the burned warehouse demanded more action from state leaders during a community vigil on Wednesday. Hunter Sowards reports.
The family of Keith Porter was joined by community advocates on Wednesday as they demanded that charges be filed against the off-duty Department of Homeland Security agent who fatally shot Porter on New Year's Eve in Northridge. Laurie Perez reports.
Nicole Comstock reports from Santa Clarita, where some residents were put on edge early Wednesday afternoon when a brush fire broke out near their homes, quickly burning through dozens of acres before firefighters got the upper hand.
While it's not open yet, Universal Studios' neighbors are already complaining about the noise from the amusement park's new Fast and Furious ride. Brittney Ermon reports.
Culver City teenager and park specialist Jake Familton is one one of the hopefuls for Team USA at the LA 2028 olympics.
Some of golf's best are facing off at the U.S. Women's Open at the Riviera Country Club in the Pacific Palisades over the weekend. The event runs from June 2 to June 7.
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
