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Topline
Consumer prices rose 8.6% in the 12 months ending in May, unexpectedly returning to record levels—and climbing at the quickest pace in four decades—amid an unprecedented surge in gas prices.
Amid stubbornly high inflation, average U.S. gas prices topped a record $5 per gallon Thursday.
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Key Facts
Overall prices rose 1% from April—surpassing the 0.7% economists were expecting and much higher than the previous month’s increase of 0.3%, according to data released by the Labor Department on Friday.
The unexpected jump comes after prices in April fell on a month to month basis for the first time since August.
The overall increase was the result of broad upticks across shelter, food and gas prices, which jumped 4% after falling 6.1% in April, the government said.
This is a developing story. Please check back for updates.
Further Reading
$5 Milestone: Gas Prices Hit An All-Time National High (Forbes)
Financial Services
