US inflation accelerates to 40-year high ...News

Russia Today - Economy
US inflation accelerates to 40-year high
source : Russia Today ( News ) () 6
Rising gasoline, food and shelter costs drove much of the increase, data shows US inflation hit the highest level since 1981 in May, US Labor Department data showed on Friday. Consumer prices soared 8.6% in May from 12 months earlier, faster than April’s year-over-year surge of 8.3%. On a monthly basis, prices grew by 1% from April to May, a steep rise from the 0.3% increase from March to April. The surging food, gasoline, and rent prices have been imposing severe pressure on American families. Research by the Bank of America Institute showed that petrol prices were eating up a larger share of consumers’ budgets.

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