Unlike COVID infections, this is a number which is headed in the wrong direction. See also violent crime, gas prices and illegal immigration.
“Consumer prices rose last month by 5% compared to May of 2020, marking the biggest year-over-year gain since August 2008, according to Consumer Price Index data released this morning. Prices were 0.6% higher in May than they were in April.
Why it matters: April’s CPI reading intensified concerns that inflation is heating up and will be hard to contain. Today’s data could stoke those fears further and contribute to a self-fulfilling cycle of rising prices.
Zoom in: Used vehicle prices increased 7.3% month-over-month in May, on the heels of a 10% monthly gain in April. Since a year ago, used vehicles are 29.7% more expensive. …
Food prices rose 0.4% in May, after a 0.4% gain in April. They’re 2.2% higher than a year ago.
Energy costs are 28.5% higher over the last 12 months.
Apparel has gone up 5.6% since this time last year.
Medical care commodities was the only category that saw a decrease from a year ago, dropping 1.9%. …”
“While a 5% increase in the Consumer Price Index grabbed headlines on Thursday, a third of it was driven by higher prices for used cars and trucks, which jumped 29.7% from a year ago. And the gas index was up 56.2%. …”
“Inflation and recent increases in the national debt were among most of the voters’ chief concerns.
Eight of the 13 voters said they are apprehensive about inflation in their area, citing costs going up in a number of sectors, including groceries, gas, oil and real estate.
10 of the 13 voters are worried about the national debt. They fear tax hikes and believe that Social Security is at stake. …”
We were told it was temporary.
Then we were told actually it was great.
Then we were told that prices would continue to rise through the summer.
As with illegal immigration and violent crime, we can now say that inflation continued to rise in both April and May. We will continue to monitor the situation. Maybe it is temporary. Maybe that is bullshit and ass covering. We’re going to find out soon enough.