US Inflation Rates Hit 8.6%, Highest In 40-Years

The labor department of the United States said, the inflation in the United States has been increased unexpectedly in May 2022 to a new high of 8.6 percent in 40 years. The latest consumer price index (CPI) figures have showed that, the cost of living has been increased by one percentage point from the month of April 2022 and had been broad-based along with the indexes for shelter, along with gasoline and food as being the biggest contributors.

The increase in the month of May 2022 had been driven by sharp increases in the energy costs, which increased to 34.6 percent from a year in the past and the groceries, which has been increased by 11.9 percent on the year. The prices of the food and energy have been more volatile than several other categories included in the CPI and the labor department of the United States has published a core prices index which is excluding them.

The fears of inflation have also battered the poll numbers of Joe Biden, president of the United States and the administration has sought for blaming invasion of Russia of Ukraine for the increasing prices.

The Ukraine Russia war and the continuous disruption to the global rising caused by the novel corona virus pandemic and both have contributed to the increasing prices for food and energy but there had been worrying signs of the inflation spreading across the United States.