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Inflation in the United States has suddenly accelerated to a 40-year high of 8.6%.
Most significant contributors were shelter, food, and gas.
Food and energy components, climbed 0.6 per cent from the previous month and 6% from a year ago
Expected to remain high in the next months as a result of record fuel costs and geopolitical circumstances
Energy prices rose 34.6 per cent from a year ago, the biggest since 2005
Gas prices have risen to new highs so far in June 2022
Grocery prices jumped by 11.9 per cent annually
Americans' confidence is being harmed by decades of high inflation, which is lagging wage growth.