U.S. Inflation Hit a New Four-Decade High in May

U.S. consumer inflation reached an 8.6% annual rate in May, its highest level in more than four decades as surging energy and food prices pushed prices higher.

The Labor Department on Friday said that the consumer-price index increased 8.6% in May from the same month a year ago, marking its fastest pace since December 1981. That was also up from April’s CPI reading, which was slightly below the previous 40-year high reached in March. The CPI measures what consumers pay for goods and services.

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Prices for energy jumped 34.6% from a year earlier, while the cost of groceries rose 11.9% on the year. Shelter costs, an indicator of broad inflation pressures, also accelerated.