Consumer prices rise 5% over last year, fastest rate since 2008

American consumers are facing another month of steep price increases.

Consumer prices rose 0.6% in May, and 5% over the last 12 months, the Labor Department said on Thursday. It's the fastest rate of increase since August 2008, reflecting growing demand as consumers shop, travel and dine out in a reopening economy. Prices for used cars and trucks drove the increase, growing 29% over the last year, while energy prices grew 28.5% in the last 12 months. Transportation services increased 11.2% in the last 12 months.