(RTTNews) - A highly anticipated report released by the Labor Department on Thursday showed consumer prices in the U.S. increased by more than expected in the month of May. The report also showed consumer prices in May were up by 5.0 percent compared to the same month a year ago, reflecting the biggest spike since August of 2008. "Price increases stemming from the reopening of the economy and ongoing supply chain bottlenecks will keep the rate of inflation elevated and sticky as supply/demand imbalances are only gradually resolved," said Kathy Bostjancic, Chief U.S. Financial Economist at Oxford Economics.