US inflation hit 8.6% over the past year, highest rate in 4 decades

WASHINGTON (AP) — Stocks are sinking on Wall Street and Treasury yields are moving sharply higher as markets shudder after another hot reading on inflation. Surging prices for gas, food and other necessities sent consumer prices jumping 8.6% last month compared with a year ago, more than expected and the biggest yearly increase in more than four decades.

That's sure to keep up pressure on the Federal Reserve to aggressively slow down the economy in an effort to force down inflation. The S&P 500 lost 1.9% in early trading, on track for its ninth weekly loss in the last 10.

America’s rampant inflation is imposing severe financial pressures on families, forcing them to pay much more for such necessities as food, gas and rent.