inflation reached a four-decade high IN THE

gas, grocery, rent prices jumped

In May, inflation unexpectedly reached a new 40-year high as petrol, food, and rent costs soared, indicating that the planned drop may be excruciatingly slow.

The consumer price index jumped 8.6% from a year ago, according to Labor Department data released on Friday.

Core prices, which exclude volatile food and energy prices, rose 0.6 percent for the second month in a row. This reduced the annual increase to 6% from 6.2 percent in April.

In the report, there is some positive news.

In the meantime, high demand for travel and other leisure activities is driving up a new set of costs.