The U.S. cost of living accelerated in May as Americans paid more for a broad range of goods and services, according to a government report released Friday, June 10. Higher consumer prices boosted the rate of annual inflation to its highest level in more than four decades.
Soaring food, energy and shelter prices contributed the most in driving up inflation — on a monthly and annual basis. Grocery prices saw their biggest 12-month gain in over 43 years. Inflation data shows other categories of pricing increases as well, like spiking airline fares and a return to higher vehicle prices — both new and used. Continue reading U.S. Inflation Marks Another 40-Year High As CPI Reaches 8.6% in May