U.S. consumer price index hit a record high of 8.6% in May since December 1981.
Core inflation excluding food and energy rose at a pace of 6%, which exceeded economists’ expectations.
Whilst a rise in food prices contributed to the increase in inflation rate, surging gas and energy prices also led to higher prices with fuel oil rising 106.7% over the past year.
Markets widely predicted that the Fed would continue its tightening policy through this year and possibly into 2023.
