US Inflation at New 40-Year High as Price Increases Spread
The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year increase of 8.3%. The new inflation figure, the biggest yearly increase since December 1981, will heighten pressure on the Federal Reserve to continue raising interest rates aggressively. On a month-to-month basis, prices jumped 1% from April to May, fueled by prices for food, energy, rent, airline tickets and and new and used cars.
Copy and paste this URL into your WordPress site to embed
Copy and paste this code into your site to embed