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The Guardian - US
The Guardian - US
Business
Dominic Rushe

US inflation hits 40-year high of 8.6% as food, gas and shelter costs rise

Inflation United States Ukraine
A shopper walks through a grocery store in Washington DC.
The yearly increase in inflation was up from the 8.3% increase in April and higher than economists had expected. Inflation is now running at a rate last seen in ​​December 1981. Photograph: Stefani Reynolds/AFP/Getty Images

Inflation in the US rose unexpectedly last month to a fresh four-decade high of 8.6%, the labor department said on Friday.

The latest consumer price index (CPI) figures showed that the cost of living increased by one percentage point from April and was broad-based, with the indexes for shelter, gasoline and food being the largest contributors.

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