Inflation rises to 40-year-high as CPI climbs 8.6 percent in May

CPI rises 8.6% in May

U.S. consumer prices accelerated in May at the highest rate since 1981, while Americans are confronted with an increase in the price of gasoline food, shelter, and even food, data showed Friday.

The Bureau of Labor Statistics' May Consumer Price Index (CPI) recorded a year-over year increase of 8.6 percent last month, up from 8.3 percent in April

In a month-to-month comparison, the broadest measure of inflation increased 1.0 percent, as opposed to 0.3 percent in April. "Core" inflation is the measure that removes 

The main factors behind the recent rise in inflation were fuel, shelter and food items According to BLS.

The index for energy rose 3.9 percent from May to May while the gasoline index climbed 4.1 percent.

Comparatively to the year before when prices for energy increased in May, they increased by 34.6 percent, which is the highest since September.

The other factors that drove the index up was the rise in airline prices due to an increase in fuel costs and a sluggish need for flights as COVID's restrictions ease.

In addition to serving as a measure of what costs Americans pay for food as well as gas, housing, and other services and goods

May's inflation rate of a major blowout coincides with the fact that leaders of the government increasingly emphasize the central bank's obligation to curb the rise in prices.

 Click Here