US inflation hit a new 40-year high last month of 8.6%.
. Congressional Republicans are hammering Democrats on the issue in the run-up to midterm elections this fall.
Now, as Americans resume spending on services, including travel, entertainment and dining out, the costs of airline tickets, hotel rooms and restaurant meals have soared. Russia’s invasion of Ukraine has further accelerated the prices of oil and natural gas. And with China easing strict COVID lockdowns in Shanghai and elsewhere, more of its citizens are driving, thereby sending oil prices up even further.
Even so, rising gas prices are eroding the finances of millions of Americans. Prices at the pump are averagingand edging closer to the inflation-adjusted record of about $5.40 reached in 2008. Research by the Bank of America Institute, which uses anonymous data from millions of their customers’ credit and debit card accounts, shows spending on gas eating up a larger share of consumers’ budgets and crowding out their ability to buy other items.
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US inflation hit 8.6% in May, a new 40-year highConsumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
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28-year-old sentenced to 40 years for stabbing death of fellow inmate at Alabama prisonBibb County Judge Collins Pettaway Jr. on Wednesday sentenced Roderick Delaune to 40 years in prison. Delaune in August 2021 was convicted of murder in the death of 33-year-old Cedric Jerome Robinson.
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Woman known as 'Baby Holly' found alive 40 years after her parents were killed in TexasHolly was just a baby when her parents were discovered in a wooded area in 1981. She vanished, but now decades later, she was found alive and well on her late father's birthday.
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Woman known as 'Baby Holly' found alive 40 years after her parents were killed in TexasHolly was just a baby when her parents were discovered in a wooded area in 1981. She vanished, but now decades later, she was found alive and well on her late father's birthday.
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