US inflation hits new 40-year high in May

By Lucia Mutikani
Updated June 11 2022 - 1:26am, first published 1:21am
Inflation data will heighten pressure on the US central bank to continue raising rates aggressively.
Inflation data will heighten pressure on the US central bank to continue raising rates aggressively.

US consumer prices accelerated in May as petrol prices hit a record high and the cost of food soared, leading to the largest annual increase in nearly 40 and a half years, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflation.