On Friday, the monthly rise in the consumer price index, is significantly faster than the 0.3 per cent increase recorded in April and above economists' expectations for a 0.7 per cent uptick. This maintains pressure on the US central bank to hike interest again in an attempt to avoid a recession. At that pace, the year-over-year figure intensified to 8.6 per cent, the highest level since December 1981. Lael Brainard, the vice-chair, recently made clear that the Fed could continue the half-point pace through September and would only consider reverting to more typical quarter-point increments following a 'deceleration' in monthly inflation prints. According to the BLS, the 'broad-based' increase was driven primarily by a 3.9 per cent rise in energy prices and a 4.1 per cent gain in gasoline prices. The latter is up nearly 50 per cent compared with the same time last year.