US consumer spending accelerated in May even as prices rose at the fastest pace in more than three years, suggesting Americans are powering through the fallout from the Iran war.
The personal consumption expenditures price index rose 4.1% last month from a year earlier, the most since April 2023, Bureau of Economic Analysis data out Thursday showed. Excluding food and energy, prices were up 3.4% from a year earlier.
Inflation-adjusted consumer spending rose 0.3% from a month earlier.
A separate report showed the US economy grew at an annualized 2.1% pace in the first quarter, faster than previously estimated.
Photo Credit: Bloomberg
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