President Joe Biden has conceded that inflation remains stubbornly high, after a key measure of prices blew past expectations, dashing any hopes that consumer price increases had peaked.
The Labor Department’s report on Friday showed that the consumer price index jumped 1 percent in May from the prior month, for a 12-month increase of 8.6 percent — topping the recent peak seen in March and hitting its highest level since December 1981.
Biden previously claimed that inflation had peaked as