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Consumer prices climb 5% in May, the largest 12-month increase since 2008

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(WASHINGTON) -- U.S. consumer prices are continuing to climb sharply, according to data from the Department of Labor on Thursday.

The Consumer Price Index, which measures what consumers pay for everyday goods and services and is often looked at as an inflation barometer, jumped 5% over the last 12 months -- the largest 12-month increase since August 2008.

The index increased by 0.6% in May alone after climbing 0.8% in April. The latest data comes amid mounting inflation fears from economists.

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