Though it may not come as a surprise to those of us who feel it in our wallets, May’s inflation numbers were higher than expected at 8.6% – the highest numbers since 1981.
Utilities are up 30%, Gas is up 49%, and the consumer price index (CPI) is higher than expected at 8.6%.
On top of that, we saw: new vehicle prices increase, used cars and trucks, Airline prices, furnishing, medical care, apparel, and so on. I think it is fair to say that everything is up, inflation is having the broadest possible impact on the entire economy.
Everything in this report is up, but it was shelter, gasoline, and food that were the three largest contributors in the report, and arguably the three most important things required for the average American family to function and survive.