The U.S. annual inflation rate surged to 8.6 percent in May, topping the market estimate of 8.3 percent.

According to data from the Bureau of Labor Statistics (BLS), the inflation rate rose 1 percent on a month-over-month basis.

The core inflation rate, which excludes the volatile food and energy sectors, climbed 6 percent year-over-year, higher than economists’ expectations of 5.9 percent. Core inflation jumped 0.6 percent month-over-month.

All of the inflation indexes ran high in May, with food prices soaring 10.1 percent and energy increasing 34.6 percent.