Inflation reached 8.6% in May, continuing its rapid rise. It’s the highest since 1981 although we don’t quantify it as we did in 1981. If we did, it would be more than double.
Rising gas prices, food prices, and shelter costs drove much of the May increase. There’s little sign of a slowdown. In May alone, inflation rose 1%.
How could we expect anything different? Biden only creates policies that make matters worse.
The increase is rapid, broad-based, with the indexes for shelter, gasoline, and food being the largest contributors. After declining slightly 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.
So, if we stop eating and don’t need energy, things aren’t so bad. We also have the boring J6 committee to distract us from the rapid damage Democrats are inflicting on the economy.
RAPID RISE:
WATCH: Rick Santelli rips the Biden Administration for May’s red hot inflation numbers.
— Election Wizard 🇺🇸 (@ElectionWiz) June 10, 2022
FOX BUSINESS REPORTS
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.
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It marks the fastest pace of inflation since December 1981.
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.
