- Inflation rose at a fast-than-expected rate in May after showing signs of cooling slightly.
- Inflation hasn’t been this high since the early years of the Reagan administration.
- President Biden says that inflation remains his administration’s top priority.
WASHINGTON – President Joe Biden’s efforts to get soaring consumer prices under control suffered a serious blow on Friday when the government reported that inflation rose at a faster-than-expected rate in May.
Inflation unexpectedly hit a new 40-year high as gas, food and rent prices surged after showing signs of cooling off slightly in April. The consumer price index increased 8.6% annually, the Labor Department said, the largest rise since December 1981.
