The consumer price index, or CPI, stood at 8.6% year-on-year in May, up from 8.3% last month, according to the Bureau of Labor Statistics. This is the largest increase in 12 months since the period ended in December 1981. On a monthly basis, the consumer price index rose 1% in May, well above the 0.3% rise in April, according to the office. The billboard on a Bloomington Sunoco on South Walnut Street shows $ 5.26 for a normal gallon on June 7, 2022. Sunoco record gas prices Rich Janzaruk / Herald-Times via USA Today The cost of energy, food and housing has contributed to rising prices. The new data comes a day after the national average price for a gallon of gas reached $ 5, according to GasBuddy. The key consumer price index, which deducts food and energy costs, rose 0.6% month-on-month in May, the same increase in April, according to the Bureau of Labor Statistics. “The increases were almost ubiquitous,” said Greg McBride, chief financial analyst at Bankrate, a personal finance consulting firm, in a statement. “There is simply no place to hide.” “Inflation continues to raise its ugly head and hopes for improvement have been dashed again,” McBride added. Gas prices are displayed at the BP gas station on Walt Whitman Street. In Melville, NY, June 1, 2022. Newsday Llc / Newsday via Getty Images Energy prices rose dramatically last month, 3.9% on a monthly basis after falling 2.7% the previous month. In particular, gasoline prices rose even more than the overall energy index, rising 4.1% last month. Food prices also rose in May, rising 1.2% last month. In particular, the index of dairy and related products increased by 2.9%, the highest monthly increase for these products since July 2007. “Given its impact [Vladimir] “The rise in Putin’s gas prices in May we expect inflation to rise,” White House spokeswoman Karin Jean-Pierre told reporters on Wednesday in anticipation of Friday’s report. “And we expect that the war in Ukraine will also have some effect on the core of inflation, especially when you get things like airfare and the impact of higher aircraft fuel costs. However, despite these upheavals and the fact that the numbers may be volatile from month to month … we continue to believe that the economy can move … to steady, steady growth and easing of inflationary pressures, something that the experts for a while now “. The new data came as the Federal Reserve is due to meet next week and is expected to raise its key interest rate as part of an effort to reduce inflation.
