In May, inflation hit 8.6 percent, marking a continuation of the recent upward trend. Although we do not quantify it in the same way as we did in 1981, it is at its greatest level since 1981. If we were to accomplish that, the total cost would be significantly higher.
The majority of the increase in May was driven by rising prices for things like food, gas, and housing. There are very few indications of a downturn. Just for the month of May, inflation was 1 percent higher.
How could we possibly anticipate anything different happening? The only thing Biden ever does is devise ideas that make the situation much more dire.
The rise is sharp and widespread, with the indices for shelter, gasoline, and food being the primary drivers of the increase. The energy index increased by 3.9 percent during the course of the month, with the gasoline index increasing by 4.1 percent and the other major component indexes also increasing. This followed a minor decrease in the index in April. In May, there was a rise of 1.2 percent for the food index, and a rise of 1.4 percent for the food at home index.
If we don’t eat and don’t require any energy, then the situation isn’t as dire as it seems. In addition to this, we have the tedious J6 committee to divert our attention away from the severe harm that the Democrats are causing to the economy.
The Department of Labor announced on Friday that the consumer price index, which is a comprehensive measure of the price of everyday commodities including gasoline, food, and rents, increased 8.6 percent in May from the same month a year ago. In the one month period beginning in April, prices experienced an increase of 1 percent. Both of these data came in higher than the headline figure of 8.3 percent and the monthly gain of 0.7 percent that was predicted by economists working for Refinitiv.
Since December 1981, it denotes the month with the fastest pace of inflation.
The so-called core prices, which do not include the more volatile measurements of food and energy, saw a year-over-year increase of 6 percent, which was also more than what was anticipated by Refinitiv. Furthermore, core prices increased by 0.6 percent on a month-over-month basis, indicating that fundamental inflationary pressures are still rather strong.
The preceding is a summary of an article that originally appeared on Independent Sentinel.