Record gas prices are to blame for the highest inflation levels the U.S. has seen in 40 years.
That’s higher than the pace recorded in April.When not accounting for volatile food and energy prices, the CPI recorded a 6% increase for the period ending in May.
On Friday, benchmark U.S. crude oil gained 82 cents to $122.33 per barrel and the AAA auto club reported the national average for a gallon of regular gas in the United States hit $4.99.He will be at the Port of Los Angeles, the country's busiest port, to discuss efforts to tackle inflation.
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