Prices rose by 5 percent in May compared with a year ago, the largest increase since the Great Recession, continuing a steady climb in inflation even as policymakers insist on staying the course. Both predict that prices will continue to rise until supply chains and consumer demand recalibrate and the economy recovers. Yet Republicans have a much different diagnosis of the economy, and they seized on Thursday’s inflation data to issue their latest warnings. The labor data also showed that prices rose 0.6 percent in the past month. Generally, policymakers expect inflation figures to taper off in the year to come.
