Inflation continued to soar to historic levels in May, with the rate hitting another 40-year high as consumer prices again climbed faster than expected.

The consumer price index rose 8.6 percent, according to data released by the Labor Department, Fox News reported.

The index is an overall metric looking at everyday items, gasoline, groceries and rent. It experienced a 1 percent increase from April, with the figure 0.3 percent higher than the estimated jump to 8.3 percent.

Inflation rose at the fastest rate since December 1981, when the U.S. was in the middle of a severe recession.

Core prices jumped 6 percent from 2021, with a 0.6 percent monthly increase. Increases were seen in every major category in May, especially in energy and gasoline costs.

Food prices, now 10.1 percent higher than in 2021, rose 2.1 percent in May, with inflation becoming a financial issue for the average American, especially lower income households struggling to afford basic necessities which have seen record monthly increases.

Spiralling inflation is predicted to derail Biden and the Democrats during the November midterm elections, in which the Democrats are attempting to hold on to shaky majorities in both houses.

Polls show that Americans put inflation as the biggest problem facing the nation, with many blaming Biden for surging costs.

(Israel National News' North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Israel National News articles, however, is Israeli time.)