HOT: U.S. inflation surges to 5% in May, highest rate since September 2008

There is no inflation if you don’t eat food, live under a roof, or consume energy.

In May, the annual U.S. inflation rate hit five percent, higher than the market forecast of 4.7 percent. This is the highest reading since September 2008.

Core inflation, which removes volatile energy and food, hit 3.8 percent, higher than the median estimate of 3.4 percent.

Since the government’s measurements are inadequate, consumer inflation is likely a lot higher than the official reading.

Will this be a summer of inflation?

Well, Treasury Secretary Janet Yellen, who rejected that inflation is on its way, says inflation will now seep into 2021.

Let the Joe Biden era begin.