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Inflation Rose 8.6% in May, Hits a New 40-Year High

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Inflation rose 8. 6% in may, hits a new 40-year high
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Raising inflation hit a new four-decade high in the U.S.

According to the Bureau of Labor Statistics, consumer prices surged 8.6% last month, faster than April’s year-on-year increase of 8.3% and the fastest increase since December 1981.

Excluding food and energy prices, the “core inflation” jumped 0.6% in May for the second straight month, and now sits 6% above from last year’s.

In May energy prices rose 3.9% from a month ago, sending the annual increase to 34.6%. Fuel oil posted a 16.9% monthly gain, sending the 12-month surge to 106.7%. Food costs also climbed another 1.2% in May, bringing the year-over-year gain to 10.1%.

Shelter costs, which account for about a one-third in the CPI, rose 0.6%, the fastest one-month gain since March 2004.

According to the report released Friday, prices jumped 1% from April to May, much faster than the 0.3% increase from March to April.

Just when analysts thought inflation peaked last March, Friday’s numbers seem to add fears that the U.S. economy is nearing a recession.

Under heavy pressure, the Federal Reserve has signaled that it will raise its key rate by a half-point next week and again in July to fight inflation. Now there are some questions that a third half-point hike will go for September.

The Fed’s goal to control inflation by raising interest rates will also have an impact on higher borrowing costs for both consumers and businesses.

Tags: Bureau of Labor StatisticsFederal Reserveinflation

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