Gas and food prices likely kept US inflation rate painfully high in May
The costs of gas, food and other necessities likely shot up in May, giving Americans no respite from the worst outbreak of inflation in four decades.
Economists have forecast that overall consumer prices jumped 8.2 per cent last month compared with a year earlier, according to data provider FactSet. That would be barely below the 8.3 per cent year-over-year surge in April and the 8.5 per cent increase in March, which was the most since 1982.
And on a month-to-month basis, prices are expected to have jumped 0.7 per cent from April to May, up sharply from a 0.3 per cent increase from March to April.
