U.S. Inflation Hit A New 40-Year High Last Month Of 8.6%

Lower-income, Black and Hispanic Americans struggle most because, on average, a larger proportion of their income is consumed by necessities.

The costs of gas, food and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.

Consumer prices surged 8.6% last month from 12 months earlier, faster than April's year-over-year surge of 8.3%, the Labor Department said Friday.

On a month-to-month basis, prices jumped 1% from April to May, a steep rise from the 0.3% increase from March to April. Much higher gas prices were to blame for most of that increase.