Inflation is awful and it just keeps getting worse.
It went up again in May and hit another historic high, the worst since 1981.
If Joe Biden doesn’t like being compared to Jimmy Carter, he should stop giving people a reason to compare the two.
Inflation rose 8.6% in May, highest since 1981
Inflation accelerated further in May, with prices rising 8.6% from a year ago for the fastest increase since December 1981, the Bureau of Labor Statistics reported Friday.
The consumer price index, a wide-ranging measure of goods and services prices, increased even more than the 8.3% Dow Jones estimate. Excluding volatile food and energy prices, so-called core CPI was up 6%, slightly higher than the 5.9% estimate.
On a monthly basis, headline CPI was up 1% while core rose 0.6%, compared with respective estimates of 0.7% and 0.5%.
Surging shelter, gasoline and food prices all contributed to the increase.
Energy prices broadly rose 3.9% from a month ago, bringing the annual gain to 34.6%. Within the category, fuel oil posted a 16.9% monthly gain, pushing the 12-month surge to 106.7%.
Shelter costs, which account for about a one-third weighting in the CPI, rose 0.6% for the month, the fastest one-month gain since March 2004. The 5.5% 12-month gain is the most since February 1991.
Finally, food costs climbed another 1.2% in May, bringing the year-over-year gain to 10.1%.
Those escalating prices meant workers took another pay cut during the month. Real wages when accounting for inflation fell 0.6% in April, even though average hourly earnings rose 0.3%, according to a separate BLS release. On a 12-month basis, real average hourly earnings were down 3%.
Remember when Biden officials told us this wasn’t happening? Good times.
Inflation hits 8.6% in May, a new forty year high, the highest so far in the Biden administration. “Experts,” who expected inflation to decline in May, were wrong. Again.
— Clay Travis (@ClayTravis) June 10, 2022
"What we're trying to say is that the economy is in a better place than it has been historically." – Karine Jean-Pierre 3 days ago
Inflation was 8.6% in May, a new forty year high.
— Tim Young (@TimRunsHisMouth) June 10, 2022
How much more of this can Americans take?