Inflation Hits New 40-Year High in May
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 1% in May, 2022. However, the all items index was up 8.6% for the 12 months ending in May – the largest 12-month increase since December, 1981.
“The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors. After declining in April, the energy index rose 3.9 percent over the month with the gasoline index rising 4.1 percent and the other major component indexes also increasing. The food index rose 1.2 percent in May as the food at home index increased 1.4 percent.”
Click here to read the full release at the Bureau of Labor Statistics.
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