Inflation Stayed Hot in May, Hitting Another 40-Year High
Summary from AllSides News Team
U.S. inflation remained high in May and continued rising, according to the latest data from the Bureau of Labor Statistics.
The Consumer Price Index (CPI) jumped 1% in May compared to the 0.3% increase in April, and is up 8.6% from May 2021, the highest year-over-year rise since 1981. Goods with the biggest annual price increases were fuel oil (106.7%), gasoline (48.7%), airline fares (37.8%), used vehicles (16.1%), and new vehicles (12.6%). Food prices also jumped 10.1% from last May, the first increase of 10% or more in over 40 years.
Experts cited by sources on the left and right don't expect inflation to come down any time soon amid global market instability due to Russia's invasion of Ukraine, China's COVID-19 lockdowns and persistent supply chain issues. The average price of a regular gallon of gas in the U.S. remains at an all-time high, and is approaching $5. Public opinion polls continue to suggest that inflation remains Americans' biggest concern.
May's inflation data was the top story Friday morning from sources across the political spectrum, and many highlighted inflation's impacts on families and consumers. Right-rated sources tended to frame the data as bad news for President Joe Biden and Democrats ahead of the 2022 midterm elections.
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From the LeftConsumer prices jumped 8.6 percent in May compared to last year as inflation holds grip on U.S. economy
The Consumer Price index, which tallies the cost of a basket of goods month to month, jumped 1 percent in May compared to the 0.3 percent increase in April — a sign inflation remains red hot.
Compared to one year ago, the index in May hit 8.6 percent, rising from the 8.3 percent year-on-year increase seen a month prior. That's the highest reading since 1981.
And the "core" index that excludes the costs of food and energy clocked in at 0.6 percent last month, compared to 0.6 percent in April.
From the RightInflation hits fresh 40-year high in May with consumer prices surging 8.6%
Inflation remained painfully high in May, with consumer prices hitting a new four-decade high that exacerbated a financial strain for millions of Americans and worsened a political crisis for President Biden.
The Labor Department said Friday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Those figures were both higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists. ...
From the LeftUS inflation hit a new 40-year high last month of 8.6%
The costs of gas, food and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
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 Friday.
On a month-to-month basis, prices jumped 1% from April to May, a steep rise from the 0.3% increase from March to April. Much higher gas prices were to blame for most of that increase.
America’s rampant inflation is imposing severe pressures...