Record gas prices are to blame for the highest inflation levels the U.S. has seen in 40 years.

The Consumer Price Index reached 8.6% for the 12 months leading up to May of 2021.

That’s higher than the pace recorded in April.

Other goods that have gone up in price include food, rent and used cars.

When not accounting for volatile food and energy prices, the CPI recorded a 6% increase for the period ending in May.

On Friday, benchmark U.S. crude oil gained 82 cents to $122.33 per barrel and the AAA auto club reported the national average for a gallon of regular gas in the United States hit $4.99.

Meanwhile, President Joe Biden is expected to speak on inflation on Friday afternoon.

He will be at the Port of Los Angeles, the country's busiest port, to discuss efforts to tackle inflation.