U.S. inflation hit a new 40-year high last month of 8.6%

Associated Press

06/10/2022

Biden Inflation — CONSUMER PRICES surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%. On a month-to-month basis, prices jumped 1% from April to May, a steep rise from the 0.3% increase from March to April. Much higher gas prices were to blame for most of that increase. / ALEX BRANDON / ASSOCIATED PRESS FILE PHOTO

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. On a month-to-month…