Americans hungry for a return to the pandemic habit were willing to pay the best dollars.
Across the council, Americans can expect to cover 5 percent more than a year ago on goods and services, the fastest rising prices in the U.S. since the summer of 2008. And there is no sign of a decline in inflation. from April to May alone, prices rose 0.8 percent.
White inflation comes at a time when people and businesses across the country are ready to come out of the pandemic and spend and return to their old habits.
Part of the rapid increase in spending we see now is due to a comparison with a year ago that the pandemic squeezed the economy and pushed prices down.
But other factors, including supply chain constraints, shortages and labor shortages, are all creating the perfect storm for higher prices. Here are the most hitting Americans ’wallets:
According to a report by the Bureau of Labor Statistics, food prices rose 0.4 percent from the previous month and 2.2 percent from a month earlier.
Bacon was one of the main culprits, with prices rising 1.7 percent from a month earlier and 13 percent from a year earlier. The average American can expect to deduct $ 6.35 for a pound of sliced bacon, which is a whole dollar more than last year.
Milk prices also rose in May, up 1.7 percent from April and 4.6 percent from a year earlier. A gallon of whole milk costs buyers about $ 3.50, according to the Department of Labor, $ 3.21 a year ago.
Prices for fruits and vegetables rose 0.2 percent from a month earlier and 2.9 percent in the past 12 months. Citrus fruits, in particular, are hurting wallets by 2.8 percent more expensive in May than in April.
For example, a pound of oranges fell to U.S. buyers in May for $ 1.32, up from $ 1.20 last year.
This is where fuel has seen the biggest rise in prices in the country.
Gas prices rose 4.2 percent from April to May, up 56.2 percent from a year earlier.
A gallon of lead-free gasoline costs Americans $ 2.97, up from $ 1.88 a year ago. This is the highest figure since 2014, according to the Department of Labor.
The average price of propane and kerosene fell 1.8 percent from April to May, but was 16.6 percent higher than a year earlier.
Electricity prices have also risen. Data show that Americans can expect bills to be higher than 4 percent a year ago.
Data show that the rise in car and rental prices last month was one of the main factors behind the rise in prices. Prices for new cars rose just 1.5 percent from a month ago and are now 3.3 percent higher than a year ago.
Used cars and trucks saw a real rise in prices, up 6.5 percent from April and a staggering 29.7 percent from last year.
Rental of cars and trucks did not go unnoticed either. According to the data, prices have increased by 10 percent compared to April and are twice as expensive as a year ago.