We keep hitting new highs, Joe. And Americans have had it.
According to a new report from Fox News, inflation remained “painfully high” in May, with consumer prices hitting a new four-decade high. “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,” Fox reports. “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.”
It’s the fastest pace of inflation since 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,” Fox added.
“What an ugly CPI print. Not only was it higher than expected on almost all fronts, pressures were clearly evident in the stickier parts of the market,” said Seema Shah, chief strategist at Principal Global Investors. “The decline in inflation, whenever that finally happens, will be painfully slow.”
Meanwhile, Americans continue to say inflation and the economy are the number one concern going into midterm elections, despite recent hot-button issues like gun reform and abortion.
ECONOMIC PAIN: Inflation hits fresh 40-year high as consumer prices surgehttps://t.co/1MkYdqHyaE
— FOX Business (@FoxBusiness) June 10, 2022