US inflation hit a new 40-year high in May of 8.6 percent President Joe Biden will talk about inflation and his administration’s efforts to lower prices on Friday in Los Angeles.

Soaring petrol prices are helping drive record inflation in the United States [Lucy Nicholson/Reuters]
The costs of petrol, food and other necessities jumped in May, raising inflation in the United States to a new four-decade high and giving American households no respite from rising costs.

Consumer prices surged 8.6 percent last month from 12 months earlier, faster than April’s year-over-year surge of 8.3 percent, the US Department of Labor said Friday.

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