Inflation continued climb in May as prices rose 5 percent over last year. Policymakers say it’s temporary.

Price spikes often coincide with downturns, and officials from the White House and Federal Reserve have predicted that prices will climb over the coming months, especially compared with a year ago, when the economy was reeling from coronavirus pandemic shutdowns. However, the move adds new fuel to criticism from Republicans, and at least one prominent liberal economist, that too much government spending could wreak havoc and lead to an overheated economy.

Source: WP