Business owners and consumers across the Hudson Valley say they are not shocked by the inflation numbers that were released Friday because they are already feeling the pain.

Nyack bakery owner Didier Dumas says it hurt to tell his customers that he'd have to raise prices for the first time in five years.

The U.S. Department of Labor's report revealed that inflation is at a 40-year high. Consumer prices surged 8.6% last month from 12 months earlier, faster than April's year-over-year surge of 8.3%, the Labor Department said.

Dumas, who owns Patisserie Didier Dumas, says he's not surprised since the price he pays for eggs and chicken has tripled since the beginning of the year.

"I don't want to cry, but since January we've been working for almost no profit," says Dumas.

Consumers are also feeling the effects of inflation.

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A Bank of America study found that gas prices are blowing family budgets to pieces.

"It's definitely not getting any better," says Isabel Retallack, of Nyack.

Retallack, who works as a bartender, says she has cut back on non-essential items and going out to eat.

The U.S. Treasury secretary says she expects inflation to remain high and bringing it down is a top priority.