US consumer price inflation hits 40 year high, rises to 8.6% in May

US inflation resurged in May as the consumer price index jumped 8.6 percent compared to 2021, the biggest increase since December 1981, according to government data released Friday.

CPI jumped one percent compared to April, after the modest 0.3 percent gain in the prior month, the Labor Department reported, far higher than expected by analysts who were looking for inflation pressures to ebb slightly.

The data showed gasoline jumped 4.1 percent in the month, with big gains in housing, airline fares and used and new vehicles.