American consumers continue to be weighed down by soaring levels of inflation as the consumer price index remained at a sky-high clip of 8.6% — the highest since 1981 — thanks to skyrocketing oil prices as well as the rising cost of food, rent and health care.
The 8.6% year-over-year figure is higher than the 8.3% that was predicted by analysts.
Stocks plummeted in early trading on Friday as investors reacted to data showing inflation accelerated to a fresh four-decade high in May – a signal that the Federal Reserve will likely move forward with more aggressive interest rate hikes.
https://nypost.com/2022/06/10/us-stocks-tank-over-sky-high-may-inflation-data/