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A mixture of rebounding demand, supply chain issues and labor shortages started pushing prices up-but they’ve yet to stop rising. was emerging from strict Covid-19 protocols.
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Inflation first became an issue in spring 2021 when the U.S. Reports in January suggested that inflation would start to subside by the end of the year, but prices continue to rise due in part to energy costs relating to sanctions against Russia for the war in Ukraine. The CPI report reveals that the South saw a 9.2% increase in prices over the year, with the Midwest trailing just behind it with an 8.8% increase. The increase in prices is occurring nationwide, with little difference between regions. Read more: Gas Prices Were Already Rising Before Russia Invaded Ukraine. Both gasoline and natural gas prices have increased once again. The energy index rose 34.6% over the last year and accounted for the largest increase since September 2005, BLS reported. Rent of primary residences: 5.2% increase.Household cleaning products: 9.9% increase.Utility (piped) gas service: 30.2% increase.Meats, poultry, fish and eggs: 14.2% increase.These items have seen some of the largest increases over the past 12 months: Items That Are More Expensive Because of Inflation What was once thought by the Federal Reserve to be “transitory” inflation is now sticking around much longer than expected-and it remains unclear when Americans will feel any relief. The core inflation rate was 6% in May, accounting for a slight decrease from its measurement in April.Ĭommon household purchases continue to be significantly more expensive than a year ago.Food prices increased to 10.1%, the first increase of 10% or more since the period ending in March 1981. An increase in shelter, airfare and both used and new vehicles contributed to the increase.Ĭore inflation, a measurement that omits volatile commodities to give a more accurate picture of the rise in prices, remains at troublesome levels. It’s higher than the 0.3% in April that analysts hoped indicated that inflation had peaked. The Consumer Price Index increased by 1% in May, according to the Bureau of Labor Statistics (BLS). The May CPI inflation report shows that the 12-month change in inflation is at 8.6%, giving American households no solace from ballooning costs.