U.S. CPI inflation rises to 8.6% in May and wages are not keeping up

June 10 (UPI) -- U.S. Inflation, already at 40 year highs, rose to an annual rate of 8.6% in May, according to the Consumer Price Index summary from the Bureau of Labor Statistics. Inflation was up by 1% in May alone.

"The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors," the BLS inflation statement said Friday.

Gasoline prices have jumped 48.7% in the 12 months ended in May, fuel oil was up 106.7%. and grocery prices are up 11.9% from 12 months ago, according to the report.

The BLS said, "While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks, and new vehicles. The indexes for medical care, household furnishings and operations, recreation, and apparel also increased in May."

Inflation is hitting American families hard in everyday expenses from food and gasoline to utilities, shelter and transportation.