The highest levels of inflation in more than 40 years were revealed by the data released by the Labor Department on Friday.

American Airlines Boeing 767

Airfare is one of the main causes of inflation.

NurPhoto via Getty Images

Consumer prices rose 8.6% in the 12 months ending in May, beating estimates and up 1% from April.

Fuel oil, gasoline, airline fares, and used cars and trucks were some of the biggest risers in price over the last year.

Fuel oil and gas prices increased during the month of May.

Eggs, raw non-chicken poultry, and cookies all increased in price from April to May.

The price of dairy jumped the most from April to May.

Public transportation rose 11.2% last month.

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A research fellow at the American Institute for Economic Research said that a majority of products in the Consumer Price Index goods basket have increased in price over the last year. It is clear that inflation is growing.

Tangent

According to GasBuddy, the average price of gas in the US was $5 on Thursday.

Inflation hit a 40-year high in May.

Gas prices have hit an all-time national high.