Inflation surges to new highs as soaring prices eat away at Americans’ wages

FOX NEWS — Inflation remained painfully high in May, with consumer prices hitting a new four-decade high that exacerbated a financial strain for millions of Americans and worsened a political crisis for President Biden.

The Labor Department said Friday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.6% in May from a year ago.

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