{"id":45008,"date":"2022-06-10T14:36:57","date_gmt":"2022-06-10T14:36:57","guid":{"rendered":"https:\/\/harchi90.com\/inflation-hits-fresh-40-year-high-in-may-with-consumer-prices-surging-8-6\/"},"modified":"2022-06-10T14:36:57","modified_gmt":"2022-06-10T14:36:57","slug":"inflation-hits-fresh-40-year-high-in-may-with-consumer-prices-surging-8-6","status":"publish","type":"post","link":"https:\/\/harchi90.com\/inflation-hits-fresh-40-year-high-in-may-with-consumer-prices-surging-8-6\/","title":{"rendered":"Inflation hits fresh 40-year high in May with consumer prices surging 8.6%"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>FOX Business&#8217; Cheryl Casone breaks down the consumer price index for May.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>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.<\/p>\n<p>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. <\/p>\n<p><strong><u>INFLATION TIMELINE: MAPPING THE BIDEN ADMIN&#8217;S RESPONSE TO RAPID PRICE GROWTH<\/u><\/strong><\/p>\n<p>It marks the <u>fastest pace of Inflation<\/u> since December 1981. <\/p>\n<p>So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% from the previous year, also more than Refinitiv expected.  Core prices also rose 0.6% on a monthly basis, suggesting that underlying inflationary pressures remain strong. <\/p>\n<p><iframe class=\"flourish-embed-iframe\" style=\"height:600px;width:100%;\" sandbox=\"allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation\" scrolling=\"no\" frameborder=\"0\" title=\"Interactive or visual content\" src=\"https:\/\/flo.uri.sh\/visualisation\/8654609\/embed\"> <\/iframe><\/p>\n<p>&#8220;What an ugly CPI print. Not only was it higher than expected on almost all fronts, pressures were clearly evident in the stickier parts of the market,&#8221; said Seema Shah, chief strategist at Principal Global Investors.  &#8220;The decline in inflation, whenever that finally happens, will be painfully slow.&#8221;<\/p>\n<p>Scorching hot inflation has created severe financial pressures for most US households, which are forced to pay more everyday necessities like food, gasoline and rent.  The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily impacted by price fluctuations. <\/p>\n<p>Rising prices are eating away the strong wage gains that American workers have seen in recent months: Real average hourly earnings decreased 0.6% in May from the previous month, as the inflation increase eroded the 0.3% total wage gain, according to the Labor Department.  On an annual basis, real earnings actually dropped 3% in May.<\/p>\n<p>Price increases were widespread: Energy prices rose 3.9% in May from the previous month, and are up 34.6% from last year.  Gasoline, on average, costs 48.7% more than it did one year ago and 7.8% more than it did in April.  In all, fuel prices jumped 16.9% in May on a monthly basis, pushing the one-year increase to a stunning 106.7%. <\/p>\n<p>In another worrisome sign, shelter costs &#8211; which account for roughly one-third of the CPI &#8211; accelerated in May ,, climbing 0.6% in May.  It marked the fastest one-month gain since 2004. On an annual basis, shelter costs have climbed 5.5%, the fastest since February 1991. <\/p>\n<p>Food prices have also climbed 10.1% higher over the year and 1.2% over the month, with the largest increases in dairy and related products (up 2.9%, the biggest monthly increase since July 2007), non-alcoholic beverages (1.7%), cereals and bakery products (1.5%) and meats, poultry, fish, and eggs rose (1.1%).<\/p>\n<p><i>This is a developing story.  Pleaes check back for updates.<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>FOX Business&#8217; Cheryl Casone breaks down the consumer price index for May. 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 &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/inflation-hits-fresh-40-year-high-in-may-with-consumer-prices-surging-8-6\/\"> <span class=\"screen-reader-text\">Inflation hits fresh 40-year high in May with consumer prices surging 8.6%<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/06\/0\/0\/inflation-19.jpg?ve=1&tl=1","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/45008"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=45008"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/45008\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=45008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=45008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=45008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}