May surge in consumer prices raises odds that the Fed will continue to sharply hike interest rates.
As of early Friday, the AAA auto club reported the national average for a gallon of regular gas in the United States hit $4.99. In California, the average price per gallon is $6.42, AAA estimated.
While consumer spending grew at a 3.1% annual pace from January through March, this trend could soon reverse as surging prices continue strain U.S. households, economists said. Another revealing signal, Adams of Comerica noted, is the cost of haircuts, which rose 0.5% May and are up more than 6% this year.
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