US inflation hits fresh 40-year high as price hikes spread

WASHINGTON (AP) – The prices of gasoline, groceries and most other goods and services soared in May, pushing inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices rose 8.6% year-on-year last month, faster than April’s 8.3% year-on-year rise, the Labor Department said on Friday. The new rate … Read more