CONSUMER PRICES

U.S. inflation reaches new 40-year high

WASHINGTON – The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year increase of 8.3%. The new inflation figure, the biggest yearly increase since December 1981,…