US inflation hit a new 40-year high last month of 8.6%

The prices of food and most other goods and services jumped in May (Nam Y Huh/AP)

The prices of petrol, food and most other goods and services in the US jumped in May, raising US 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 Labour Department said on Friday.