Inflation in US peaks 40-year high, consumer price index rises 8.6%

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New Delhi, June 10, 2022, Friday

The US inflation rate is expected to reach a new four-decade high in May 2022. U.S. urban inflation rose 1 percent last month against a 0.3 percent increase in April. This is the highest inflation rate since 1981.

According to a report by the US Bureau of Labor Statistics, the consumer price index rose 8.6 percent in May, compared to 8.3 percent in April.

The Fed has raised fears of a sharp rise in interest rates in the near future on the back of higher-than-expected inflation figures. In the US, interest rates are expected to rise by 1 per cent.

After a modest decline in April, the gasoline index rose 4.1 per cent and the energy index rose 3.9 per cent. The food price index, another key component of US inflation, also rose 1.2 percent in May. Except for energy and food, all other indices rose 0.6 per cent in the same month last month.

The Energy Index rose 34.6 percent year-on-year, the largest 12-month increase since the period ended in September 2005. The food index rose 10.1 percent for the 12-month period ended May, the first increase of 10 percent or more since March 1981.

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