In United States, the Labour Department said yesterday that inflation rose unexpectedly last month, as rising energy and food costs to the highest rate since 1981.
The Labour Department said, annual inflation rate rose to 8.6 per cent in May, after easing in April. Food prices were up more than 10 per cent last month compared to May last year while energy surged more than 34 per cent. Gas prices have been soaring across the US, approaching five dollars a gallon this week, from 1.90 dollars more than a year ago.
According to the latest CPI report, the energy index rose 3.9 per cent over the month, with the gasoline index rising 4.1 per cent.
The conflict between Russia and Ukraine, which has driven up the price of oil and commodities like wheat as it disrupts exports from the two countries, has made tackling the problem more difficult.
Friday’s report showed the increases continue to spread throughout the economy, pushing the cost of everything from airline tickets and clothing to medical services higher.
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