Consumer Price Index in May up 8.6%, compared to 12 months ago, inflation stays at record highs

The Consumer Price Index for May was 8.6%, compared to 12 months ago, the Labor Department reported Friday.

The monthly increase is the highest since 1981, as was the March number.

In addition, the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0% in May on a seasonally adjusted basis, after rising 0.3% in April, the department's Bureau of Labor Statistics reported.

Dow Jones expected the month-to-month increase to be 0.7% and the annualized rate to be at 8.3%, according to CNBC.