US consumer prices jump to 8.6% in May
Rising food, energy, and shelter costs accounted for the increase
By Yashasvini Razdan
Published - Jun 10, 2022, 11:11 AM ET
Last Updated - Mar 01, 2024, 03:24 PM EST
• Rising food, energy, and shelter costs accounted for the increase
US consumer prices soared in May to their highest levels in more than 40 years, with surging costs for shelter, gasoline and food prices contributing to the increase.
On Tuesday, the Labor Department said that its consumer price index (CPI) jumped 8.6% compared to a year earlier, the biggest year-over-year increase since December 1981. Dow Jones estimated the inflation index to be around 8.3%.
