Annual inflation in the US hit 8.6% in May, the highest since December 1981, official data showed on Friday.
The figure was above market forecasts of 8.3%.
“The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors,” according to the US Bureau of Labor Statistics.
Energy prices rose 34.6% on an annual basis, the most since September of 2005, and food costs soared 10.1%, the first increase of 10% or more since the period ending March 1981.
Last week, the US Treasury secretary conceded that last year she was wrong about “the path inflation that would take.”
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