WASHINGTON (AP) — The costs of gas, food and other necessities 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 surge of 8.3%, the Labor Department said Friday. Much higher gas prices were to blame for most of that increase. High inflation has also forced the Federal Reserve into what will likely be the fastest series of interest rate hikes in three decades. Surveys show that Americans see high inflation as the nation's top problem, and most disapprove of President Joe Biden's handling of the economy.

Source: The Guardian June 10, 2022 12:42 UTC