US inflation up to 8.6% in May

Food and fuel prices among the big risers

The US Consumer Price Index (CPI) hit 1% in May, jumping from 0.3% the previous month, data from the US Bureau of Labor Statistics revealed.

Over the last 12 months, the all items index increased 8.6% before seasonal adjustment, rising more than the 8.3% expected. In their release, the Bureau said that shelter, gasoline and food price were the big risers, with the energy index rising 3.9% alone. "What an ugly CPI print," said Seema Shah, chief strategist at principal global investors. "Not only was it higher than expected on almost all fronts, pressures were clearly evident in the stickier parts of the market."           US Federal Reserve makes first 0.5% interest rate hike since 2000 Inflation has been rising acros...