Headline RoundupJune 10th, 2022

Inflation Stayed Hot in May, Hitting Another 40-Year High

Summary from the 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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