By Geoffrey Smith
Investing.com — U.S. inflation rose by more than expected again in May, dashing hopes that the rise in the cost of living has peaked.
The rose by 1.0% from April, taking the of inflation to a new 40-year high of 8.6%. Analysts had expected the headline rate to stay at 8.3%, with a monthly gain of only 0.7%.
The inflation rate, which strips out volatile food and energy prices, also rose by more than expected. It rose 0.6% from April, meaning that the of core inflation only eased to 6.0% from 6.2%.