Inflation rate sends stock markets into tailspin as S&P 500 falls over 2.6% and Nasdaq down over 3.4%
Inflation in the US rose unexpectedly last month to a fresh four-decade high of 8.6%, the labor department said on Friday. figures showed that the cost of living increased by one percentage point from April and was broad-based, with the indexes for shelter, gasoline and food being the largest contributors.this week – $1.90 more than a year ago. According to the latest CPI report the energy index rose 3.9% over the month, with the gasoline index rising 4.1%.
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