Inflation still running at more than 40 year high

(Washington, DC) -- Stocks are plunging after a key measure of inflation is still at its highest level in more than 40 years.

The Consumer Price Index report for May revealed prices have risen eight-point-six percent over the last year. That's the largest year over year increase since December 1981. If food and energy are taken out of the equation, the increase comes out to an even six-percent.

The spike was driven in large part by energy prices as they jumped by over 34-and-a-half percent from a year ago.