Topline
Data released by the Labor Department Friday revealed the highest levels of inflation in more than 40 years – and though price increases were largely across the board, these are some of the products that rose the most.
Airfare is among the biggest drivers behind record inflation numbers.
Key Facts
Consumer prices rose 8.6% in the 12-month period ending in May, exceeding estimates and up 1% from April.
Fuel oil (106.7%), gasoline (48.7%) and airline fares (37.8%) and used cars and trucks (16.1%) were among the biggest risers in price over the 12-month period.
Energy prices rose 6.1% from April to May, including a 16.9% increase in fuel oil and 7.8% increase in gas.
Though food prices climbed just 1.1% overall from April to May, several products rose sharply: Eggs rose 5%, raw non-chicken poultry rose 4.4% and cookies rose 4%.
Dairy prices jumped 2.6% from April to May, the most of any food category.
Airline fares climbed 16.1% last month, while public transportation generally rose 11.2%.
Crucial Quote
Some 71% of products included in the Consumer Price Index goods basket have increased by 4% or more over the last 12 months, Peter Earle, a research fellow at the nonpartisan American Institute for Economic Research, noted in emailed comments. This is “clear evidence that inflation is broadening and accelerating,” according to Earle.
Tangent
Average gas prices reached $5 on Thursday for the first time in U.S. history, according to fuel price tracker GasBuddy.
Further Reading
Inflation Unexpectedly Spiked 8.6% In May—Hitting 40-Year High As Gas Prices Surge Again (Forbes)
$5 Milestone: Gas Prices Hit An All-Time National High (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2022/06/10/airfare-gas-and-even-cookies-here-are-the-biggest-price-hikes-from-inflation/