The Dow is going to tank today.
Consumer prices shot up at the fastest pace in 20 months in May, fueled by a surge in gas prices, although inflation pressures were moderate in most other areas.
The Labor Department reported that its closely watched Consumer Price Index registered a 0.7 percent increase last month, the biggest advance since Hurricane Katrina shut down Gulf Coast oil production in the fall of 2005.
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In other economic news, the Commerce Department reported that the deficit in the current account, the broadest measure of foreign trade, increased to $192.6 billion in the January-to-March period, compared to $187.9 billion in the fourth quarter. The increase reflected a higher foreign oil bill.