Inflation hits 8.6% as Biden economy faces intense price pressure

The Consumer Price Index rises 8.6% year-over-year in May 2022, the highest inflation rate since December 1981 and a new high for the Biden presidency. Gas prices surpass $5 per gallon nationally for the first time in history. The surge is driven by pandemic supply chain disruptions, the Russian invasion of Ukraine spiking energy prices, and years of loose monetary policy. The Federal Reserve responds by raising interest rates at the fastest pace since the 1980s, from near zero in March 2022 to 5.25-5.5% by July 2023, the highest in 22 years. Republicans frame inflation as evidence of Biden's economic mismanagement. The White House blames Putin and pandemic disruptions.