The costs of goods and everyday living rose to a new 40-year high in May, with annual inflation rising to 8.6% and consumer prices climbing 1% last month alone, due to more expensive fuel, food and housing.
Economists had thought inflation was beginning to slow, but the latest data from the Department of Labor released Friday quashed that theory.
The war in Ukraine continues to exacerbate exorbitant price increases that were already taking place before Russia’s invasion in February.
Prices at the pump continue to hit new records almost daily, with the national average for a gallon of gas at $4.99. That’s 62 cents more than a month ago, and $1.92 higher than one year ago.
Grocery prices increased 1.4% last month, and nearly 12% in the past year.
Omitting food and energy costs, inflation rose 0.6% in May, with the yearly rate slowing slightly from 6.2% to 6%.