Photo: A shopper reaches for cottage cheese inside a grocery store in San Francisco on May 2, 2022. A shopper reaches for cottage cheese inside a grocery store in San Francisco on May 2, 2022.

Inflation is spreading deeper into the U.S. economy, slamming the door on hopes that the Federal Reserve will dial back interest-rate hikes that threaten to tip the country—and perhaps the world—into recession.

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