The costs of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.
The cost of groceries surged nearly 12% last month from a year earlier, the biggest such increase since 1979. Restaurant prices jumped 7.4% in the past year, the largest 12-month gain since November 1981, reflecting higher costs for food and workers.
Some evidence in recent weeks had suggested that inflation might be moderating, particularly for long-lasting goods that were caught up in supply chain snarls and shortages last year. But that trend appeared to reverse itself in May, with used car prices rising 1.8% after having dropped for three straight months. New car prices also rose. And clothing prices increased after having declined in April.
Surveys show that Americans see high inflation as the nation’s top problem, and most disapprove of President Joe Biden’s handling of the economy. Congressional Republicans are hammering Democrats on the issue in the run-up to midterm elections this fall. “With the food, gas and rent — holy cow,” he said. “I’m working a massive amount of overtime, just to make it, just to keep it together.”
In the coming months, goods prices in the United States are expected to finally drop. Many large retailers, including Target, Walmart and Macy’s, have reported that they’re now stuck with too much of the patio furniture, electronics and other goods that they ordered when those items were in heavier demand and will have to discount them.
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