Inflation hits fresh 40-year high in May with consumer prices surging 8.6%

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Inflation will impact Americans for months: Former Labor Department chief economist

Diana Furchtgott-Roth, former chief economist of the U.S. Department of Labor, provides her outlook for the economy and what to expect as it pertains to the new inflation data.

Inflation barreled ahead in May, rising more than expected as supply chain constraints, the Russian war in Ukraine and strong consumer demand continued to keep consumer prices running near a 40-year-high. 

The Labor Department said Friday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Those figures were both higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists.

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