Rising rents, gas and food prices push U.S. inflation rate to 8.6%, CPI shows
The highest U.S. inflation in 40 years shows little sign of easing.
The cost of living jumped 1% in May on the back of higher rents, gas and food prices, pushing the rate of U.S. inflation to a 40-year high of 8.6%.
The increase in the consumer price index in May was more than triple the gain in the prior month. Economists polled by The Wall Street Journal had forecast a 0.7% advance.
The increase in inflation over the past year moved up to 8.6% from 8.3%, a new cycle high. The last time inflation rose as rapidly was in 1981.
Rising food and energy prices also add to the costs of doing business for many companies ranging from grocers and restaurants to airlines and fertilizer producers. And they’re passing those costs onto consumers.
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