Connect with us

Hi, what are you looking for?

buzznificentbuzznificent

News

Consumer Inflation Reached Record Highs in May

According to the latest report from the US Bureau of Labor Statistics, the national Consumer Price Index, a general metric by which inflation of consumer goods is measured, rose to record highs this past May. Specifically, the CPI rose by 8.6%, a high not seen since December of 1981.

The report, while upsetting, is not altogether surprising. It’s been no secret that prices are on the rise in the United States due to a combination of ongoing supply chain issues, oil problems caused by the Russian invasion of Ukraine, and stagnating wages throughout the entire job market.

“It’s hard to look at May’s inflation data and not be disappointed,” said Morning Consult’s chief economist, John Leer, in a statement. “We’re just not yet seeing any signs that we’re in the clear.”

The Federal Reserve is currently in the midst of an effort to get ballooning prices under control by raising interest rates. With the release of this report, these rate hikes have become a much realer possibility, not to mention a potentially heavier one.

“Obviously, nothing is good in this report,” said MI2 Partners president Julian Brigden. “There is nothing in there that’s going to give the Fed any cheer. … I struggle to see how the Fed can back off.”


You May Also Like

Entertainment

Way back in 2009, acclaimed filmed director James Cameron released Avatar, a CGI science-fiction epic that took the world by storm and became one...

Entertainment

While veteran actor Adam Sandler is best known for his comedic work, in recent years, he’s shown that he has surprising range when it...

Entertainment

Last month, production ground to a halt on the film Being Mortal, directed by Aziz Ansari and starring Bill Murray and Seth Rogan. The...

Entertainment

Over the weekend, veteran television personality Jon Stewart was awarded the Mark Twain Prize for his illustrious career in TV and stand-up comedy. Many...