The Prices Of These Products Are The HIGHEST They’ve Been In 40 Years…

In May, the cost of products and everyday living hit a fresh 40-year high, with annual inflation hitting 8.6% and consumer prices rising 1% in one month due to higher fuel, food, and housing prices.

Economists had predicted that inflation would begin to drop, but the latest Department of Labor data released on Friday disproved that assumption.

Inflation in the United States is putting enormous strains on families, causing them to spend significantly more on food, petrol, and rent, and limiting their capacity to buy discretionary things like haircuts and electronics. Lower-income Americans, particularly Black and Hispanic Americans, are struggling because essentials consume a higher portion of their income on average.

May’s inflation data was the worst for consumers since December 1981, and it came the same week that President Biden maintained that the US was experiencing its finest recovery in history.

High inflation has also compelled the Federal Reserve to raise interest rates at the fastest pace in three decades. The Fed intends to cool spending and growth enough to limit inflation without sending the economy into a recession by hiking borrowing prices substantially. For the central bank, it will be a difficult balancing act.

The national average for a gallon of petrol is $4.99, and prices at the pump continue to set new records practically daily. This is up 62 cents from a month ago and $1.92 from a year ago.

Last month, grocery costs rose 1.4 percent and over 12 percent over the previous year.

Without food and energy costs, inflation increased by 0.6 percent in May bringing the annual rate down from 6.2 percent to 6%.

According to the May report, all six major food groups measured in the CPI increased in the last 12 months, “with five of the six jumping more than 10%” and eggs climbing more than 30%:

President Biden’s “build back better” plan has resulted in a real wage decrease of 3.4 percent in the last year, compared to last week’s jobs report, which showed earnings were up 5.2 percent year over year.

And yes, all thanks to Biden.

Sources: Dailycaller, Spectrumnews1, WSJ

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