U.S. inflation quickens to 40-year high
U.S. inflation accelerated to a fresh 40-year high in May, a sign that price pressures are becoming entrenched in the economy.
That will likely push the Federal Reserve to extend an aggressive series of interest-rate hikes and adds to political problems for the White House and Democrats.
The widely followed inflation gauge rose 1% from a month earlier, topping all estimates. Shelter, food and gas were the largest contributors.
The consumer price index increased 8.6% from a year earlier in a broad-based advance, Labor Department data showed Friday.
