US inflation hits 40-year high of 8.6% as food, gas and shelter costs rise
by Dominic Rushe from Economics | The Guardian on (#6079F)
Inflation rate sends stock markets into tailspin as S&P 500 falls over 2% and Nasdaq down over 3.5%
Inflation in the US rose unexpectedly last month to a fresh four-decade high of 8.6%, the labor department said on Friday.
The latest consumer price index (CPI) figures showed that the cost of living increased by one percentage point from April and was broad-based, with the indexes for shelter, gasoline and food being the largest contributors.
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