Consumer Prices

Consumer Prices Reach Highest Rates In Four Decades

Consumer prices reached the highest rates in four decades, the Bureau of Labor Statistics reported Friday.

The Consumer Price Index (CPI) for May 2022 climbed 8.6% in the last year, making it increasingly difficult for American consumers to afford everyday goods. This is the largest 12-month increase since 1981, according to the Bureau of Labor Statistics (BLS).

The gasoline index rose 4.1%, food by 1.2%, energy by 3.9% and the food at home index increased 1.4%, BLS reported. Almost all aspects of American purchases increased in May, including shelter, airline fares, new and used cars and trucks, medical care, household furnishings and operations, recreation and clothing, according to BLS.