The annual inflation in the United States broke estimates in May to reach 8.6%, according to a report published by the Labor Statistics Bureau on Friday, reaching the highest level since 1981. On a monthly basis, consumer prices rose by 1%.

The largest contributors to the soaring inflation were increases in the shelter, gasoline, and food prices. The energy prices surged 34.6% in May compared to the same month a year ago, while food prices jumped by 10%.

The data came in after the Federal Reserve confirmed at least two 50 basis point interest rate increases at the next two meetings of the Federal Open Market Committee.