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.