US Inflation Breaks New Record in May as Energy Costs Relentlessly Soar

After briefly flatlining in April, it appears that US consumer prices jumped back into rhythm for the 24th consecutive month, throwing away any hope for team ‘transitory’ or ‘peak’ inflation.

Latest data from the BLS showed that CPI rose 1% between April and May to an annualized 8.6%— the highest since December 1981 and substantially higher than the 8.3% forecast by economists polled by Bloomberg. Core CPI also didn’t offer Americans any relief, rising by yet another 0.6% month-over-month to 6% from May 2021.

Looking under the hood, the relentless surge in energy costs showed no respite in May, rising 34.6% since last year to mark the biggest annual increase since September 2005. Indeed, all components noted record-breaking increases, with shelter, airline fares, used cars and trucks, and new vehicles also dominating last month’s inflation print.

But, the most alarming were the sharp increases in food costs, particularly for chicken, eggs, and milk. Good thing the average consumer doesn’t need any of those! Making the situation a whole lot worse, though, is the despairing decline in real average hourly earnings, which fell 3% in the past 12 months. So, the cost of things Americans are actually buying is outpacing the rise in their wages for the 14th straight month.

But, don’t worry, if Joe Biden said there is no unchecked inflation on the way, he MUST be right— after all, he is a government official.


Information for this briefing was found via the BLS and twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Germany Inflation Soars to 70 Year-High Thanks to Surging Energy, Food Prices

Germany, ranked one of the richest countries in the world, is facing a dire problem:...

Thursday, October 13, 2022, 01:19:29 PM

Fed Officials Signal Intent to Wind-Down Stimulus as Early as This Year

Oil and other commodities were under pressure on Thursday, after the Federal Reserve finally indicated...

Friday, August 20, 2021, 10:50:00 AM

The Recession of 2022: GDP Dips 0.9%, Second Consecutive Quarterly Decline

Despite the Biden administration’s enduring efforts to change the definition of a recession and Jerome...

Thursday, July 28, 2022, 10:17:51 AM

Sobeys Expands Stock Buyback Program as Food Bank Demand Soars Across Canada

With Canada’s latest grocery inflation figure for May coming in at 9.0% and its food...

Wednesday, June 28, 2023, 07:39:00 AM

Goldman Sachs Aggressively Upgrades Fed Rate Hike Forecast Following Jaw-Dropping CPI Print

Following what has been yet another eye-watering CPI print showing consumer prices at the highest...

Monday, February 14, 2022, 11:14:00 AM