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Energy and food drive US inflation to highest for 40 years
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WASHINGTON, 11 June 2022, (TON): Prices in the US rose faster than expected last month, as rising energy and food costs pushed inflation to the highest rate since 1981.
The Labor Department said “the annual inflation rate rose to 8.6% in May.”
The rising cost of living has been squeezing households and putting pressure on policymakers to bring the issue under control.
Analysts had hoped that the moves were starting to work to cool economic activity, easing the price pressures.
But the conflict between Russia and Ukraine, which has driven up the price of oil and commodities like wheat as it disrupts exports from the two countries, has made tackling the problem more difficult.
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