Inflation in the US rose unexpectedly last month to a fresh four-decade high of 8.6%, the labor department said on Friday. According to the latest CPI report the energy index rose 3.9% over the month, with the gasoline index rising 4.1%. The food index rose 1.2% in May as the food at home index increased 1.4%. Food and energy prices are more volatile than other categories included in the CPI, and the labor department publishes a “core prices” index which excludes them. Inflation fears have also battered Joe Biden’s poll numbers and his administration has sought to blame Russia’s invasion of Ukraine for rising prices.

Source: The Guardian June 11, 2022 17:46 UTC