US inflation tops estimates to reach 8.6% in May – #marketnews

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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.

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