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6/10, 2:30 PM (Source: TeleTrader)
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US inflation at 41-year high of 8.6% in May

The annual inflation in the United States broke estimates in May to reach 8.6%, according to a report published by the Labor Statistics Bureau on Friday, reaching the highest level since 1981. On a monthly basis, consumer prices rose by 1%.

The largest contributors to the soaring inflation were increases in the shelter, gasoline, and food prices. The energy prices surged 34.6% in May compared to the same month a year ago, while food prices jumped by 10%.

The data came in after the Federal Reserve confirmed at least two 50 basis point interest rate increases at the next two meetings of the Federal Open Market Committee.

Baha Breaking News (BBN) / ND