US inflation hit a new 40-year high last month of 8.6%

The inflation rate in the United States climbed in May to 8.6%. This is the highest rate in forty years. The monthly rise in consumer pri...

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  • The inflation rate in the United States climbed in May to 8.6%.
  • This is the highest rate in forty years.
  • The monthly rise in consumer prices was 1%.

The inflation rate in the United States climbed in May to 8.6%, three tenths above that of April and the highest in forty years, reported this Friday the Bureau of Labor Statistics. The monthly rise in consumer prices was 1%, according to information reviewed by the Efe agency.

Although inflation had risen slightly in April with its first fall in seven months, it spiked again in May to reach its highest rate since 1981. The rise in prices in May was driven above all by higher prices of energy and also, although to a lesser extent, by the rise in housing and food prices.

Inflation is reflected in rising prices

inflation
Photo: AP

The prices of gasoline, crude oil, electricity and gas increased by 34.6% in the last twelve months, driven by the price of crude oil, which rose by 106.7%, the largest increase since data was collected. Compared to the month of April, energy prices increased by 3.9%, in contrast to the drop of 2.7% that was registered then compared to the month of March.

Food prices, for their part, rose by 10.1% in one year, especially those related to purchases in the supermarket, which increased by 11.9%, while those of food in restaurants increased by 7 ,4 %.

Will gasoline prices continue to rise?

INFLATION
Photo: AP

Both figures are slightly higher than the increase registered last month, which contributes to inflation growing in May at the fastest pace that has been registered in the country in the last 40 years.

If food and fuel prices, which are the most volatile, are excluded, core inflation was 6%. The price of housing has the most weight in the calculation of underlying inflation, rose by 5.5% in one year, and its monthly increase was 0.6%.

The post US inflation hit a new 40-year high last month of 8.6% appeared first on Mundo Hispánico.