WASHINGTON (AP) — The costs of gas, food and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
On a month-to-month basis, prices jumped 1% from April to May, a steep rise from the 0.3% increase from March to April. Much higher gas prices were to blame for most of that increase.
America’s rampant inflation is imposing severe pressures on families, forcing them to pay much more for food, gas and rent and reducing their ability to afford discretionary items, from haircuts to electronics. Lower-income and Black and Hispanic Americans, in particular, are struggling because, on average, a larger proportion of their income is consumed by necessities.
At the same time, inflation has shown some signs of moderating, and economists expect it to decline this year, though not by very much. Some analysts have forecast that the inflation gauge the government reported Friday — the consumer price index — may drop below 7% by year’s end. In March, the year-over-year CPI reached 8.5%, the highest such rate since 1982.
High inflation has also forced the Federal Reserve into what will likely be the fastest series of interest rate hikes in three decades. By raising borrowing costs aggressively, the Fed hopes to cool spending and growth enough to curb inflation without tipping the economy into a recession. For the central bank, it will be a difficult balancing act.
Surveys show that Americans see high inflation as the nation’s top problem, and most disapprove of President Joe Biden’s handling of the economy. Congressional Republicans are hammering Democrats on the issue in the run-up to midterm elections this fall.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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I’m running out of things to say about spiraling inflation and increasing gas prices. We know what has caused it and the moron in the White House doesn’t give a damn. He isn’t leading America—he is bleeding America. I am likewise running out of bad things to say about Biden—he is the epitome of Evil and he has staffed his administration with like-minded demons who will carry out his diabolical plans.
ITS Not just biden that shares the blame though.
True, but the senile raw sewage filled pants idiot is responsible for 90% of it.
Biden is a puppet he is NOT making any decisions, he is only taking orders.
If as they say that “patriotism is the last refuge of a scoundrel” then Inflation is the last refuge of corrupt politicians who use it as a means to spend wasted money on social experimental failures based on fake science and false promises which is their last desperate tactic to save their dying party which is too dishonest to tax the people honestly and outright in Constitutional policy votes, so they manipulate the currency to squeeze the last portion of life force out of a once strong and vibrant American people. Deception is the fairest side of their lost valor, and out-right American wealth theft through social redistribution of honest wealth from people of integrity into their corrupt envious hands of crooked politicians via preplanned inflation is the unfairest side of their political perversions.
Back in april, I said Biden would let gas cost 5.00 dollars a gallon. Liberals called me a Liar and my post on msn just Disappeared. Now I’m saying 10.00 a gallon by the end of the year. The South is not ready for electric vehicles. But just wait for your gas heating bill this winter. But the democrats don’t care . They are too busy with their fake tv show
AND you can bet that if you posted that somewhere like twitter, you’d be banned/censured.
What is going on was planneed over a decade ago by the one running the show for the third time. The puppet cannot think or do anything for himself having proven that with cue cards. Get rid of all oil forces the electric vehicle agenda; millions of illegal invaders allowed in provides for more votes in their favor in 2024; putting in a pony show is a last hope for party members to remain docile and vote as party only.
It’s not just here. Look at the inflation around the world. Not to sound like a conspiracy theorist, but it is way beyond Biden.
All thanks to the new world order.
NOTHING to thank them for here… PLENTY To curse them for though.