The BLS reported Friday that consumer prices hit a 40-year high.
The CPI for May 2022 rose 8.6% in a year, making it harder for Americans to afford common products. This is the greatest 12-month gain since 1981. (BLS).
BLS said that gasoline jumped 4.1%, food 1.2%, energy 3.9%, and food at home 1.4%. According to BLS, shelter, airline fares, new and used vehicles and trucks, medical treatment, domestic furnishings and operations, recreation, and apparel all increased in May.
The CPI monitors the overall price change for American consumers, independent of occupation. BLS says it doesn’t include rural areas, agricultural families, the military, jails, or mental hospitals.
The 8.6% rise is larger than the 8.3% analysts projected, the New York Post said.
President Joe Biden’s falling approval ratings are blamed on rising costs. CNN senior statistics reporter Harry Enten claimed in early May that Americans should blame Biden for his “awful” economic polling results after the outlet showed that 77% of Americans think the economy is poor.
According to The New York Times, pandemic savings, a lack of products, and service sector pressures drove up inflation. The New York Post reported that gas prices have spurred the rising cost of food and healthcare.
Analysts say a barrel will cost $140 this summer. CNBC observed that as petrol prices increase above $5 a gallon, recession risks rise.
The preceding is a summary of an article that originally appeared on Daily Caller.