-0.8 C
Saturday, January 28, 2023

U.S. annual inflation hits 8.6% in May, highest since 1981

EconomyU.S. annual inflation hits 8.6% in May, highest since 1981

Washington (The Times Groupe)- The U.S. annual inflation hit 8.6% in May, the highest level since December 1981, official data showed on Friday.

The figure exceeded market expectations of 8.3%.

The increase was broad-based, with housing, gasoline, and food contributing the most, the US Bureau of Labor Statistics reports.

On a year-over-year basis, energy prices rose 34.6%, the most since September of 2005, and food costs rose 10.1%, marking the first increase of 10% or more since March of 1981.

The US Treasury secretary Janet Yellen acknowledged last week that she was wrong about “the path inflation would take.”

The economy has been hit by unanticipated and large shocks that have boosted energy and food prices and caused supply bottlenecks that have affected our economy adversely, Janet Yellen told CNN.

In recent weeks, some Fed officials have also said that inflation in the country is similar to the levels seen in 1974 and 1983, when US consumers felt squeezed by high prices. U.S. annual inflation

Check out our other content

Check out other tags:

Most Popular Articles