US Inflation Hit a New 40-Year High Last Month of 8.6%

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.

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FILE - Bags of Pistachios are displayed at a grocery store in Mount Prospect, Ill., on, April 1, 2022. Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday, June 10, 2022. (AP Photo/Nam Y. Huh)
Image via AP Photo/Nam Y. Huh

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

WASHINGTON (AP) — 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 Labor Department said Friday. The new inflation figure, the biggest yearly increase since December 1981, will heighten pressure on the Federal Reserve to continue…

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