Inflation accelerated in May as U.S. consumers grapple with a surge in prices for gas, food, and shelter, data showed Friday.

The Bureau of Labor Statistics' May Consumer Price Index (CPI) reflected a year-over-year increase of 8.6% last month, up from April’s print. Consensus economists were expecting an 8.3% increase in May, according to estimates compiled by Bloomberg.

On a monthly basis, the broadest measure of inflation rose at a pace of 1.0%, compared to 0.3% in April.

Ahead of Friday’s report, experts predicted a surge in gasoline prices would prove a driver of inflation for May after a recent rise back to all-time highs. In April, a moderation in the price of energy offered a temporary relief to inflation after Russia’s invasion of Ukraine rocked global commodities markets in March.

(This post is breaking. Please check back for updates.)

This content is not available due to your privacy preferences.Update your settings here to see it.

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn