New data show that inflation in the US rose to 8.6 percent last month
* The consumer price index rose 8.6% on May from a year ago, the fastest increase since December 1981
* Increase was larger than economists expected and topped the recent peak set in March
* Soaring food and energy prices drove the increase, with groceries up 11.9% and gasoline rising 48.7%
* But core inflation, excluding food and energy, was also higher than expected at 6% annual rate
* It is the strongest signal yet that inflation has not yet peaked, as Biden previously claimed
* On Friday Biden plans to speak at the Port of Los Angeles to highlight supply chain initiatives
Annual inflation in the US has jumped to a 41-year high of 8.6 percent, blowing past expectations and dashing any hopes that consumer price increases had peaked.
The new figures released on Friday suggested that the Federal Reserve could continue with its rapid interest rate hikes to combat inflation, and markets reacted swiftly, with the Dow shedding more than 700 points in early trading.
The Labor Department's report showed that the consumer price index jumped 1 percent in May from the prior month, for a 12-month increase of 8.6 percent.
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WNU editor: Everyone I know believes the true and real number is significantly higher.
US Inflation Surges To A New 41-Year High Of 8.6%
US inflation hit a new 40-year high last month of 8.6% -- AP
U.S. annual inflation posts largest gain in nearly 41 years as food, gasoline prices soar -- Reuters
Inflation rose 8.6% in May, highest since 1981 -- CNBC
Inflation hits fresh 40-year high in May with consumer prices surging 8.6% -- FOX News
Inflation rises 8.6%, the fastest pace in over 40 years -- Axios