Inflation surged to a new 40-Year high of 9.1% in June

Are you feeling financial pressure due to inflation?

Written by Eric Revell, Countable News

What’s the story?

  • The Bureau of Labor Statistics (BLS) reported Wednesday that the all items consumer price index (CPI) rose by 9.1% over the last 12 months through May. That’s the highest level recorded in over 40 years since a comparable period ending in November 1981, when inflation was 9.6%. Inflation is currently running over four-and-a-half times higher than the Federal Reserve’s target rate of 2%.
  • June marked the seventh consecutive month with inflation running at 7% or higher during the preceding 12-month period. It rose steadily from 7% in December 2021 to 7.5% in January, 7.9% in February, 8.5% in March, dipped slightly to 8.3% in April, then rose again to 8.6% in May before it increased further to the new high of 9.1% in June.
  • Month-to-month consumer prices rose by 1.3% in June, which is the largest single-month acceleration of this inflationary cycle, surpassing the prior monthly increases of 1.2% in March and 1% in May. 

What goods did prices increase the most for?

  • Here’s a rundown of the common items which have seen the largest price increases due to inflation year-over-year (notable monthly changes in parentheses):
  • Fuel oil increased 98.5% over the last 12 months
  • Gasoline of all types increased 59.9%.
  • Utility gas service (piped) increased 38.4%.
  • Propane, kerosene, and firewood increased 26.1%.
  • Chicken increased 18.6%.
  • Milk increased 16.4%.
  • Coffee increased 15.8%.
  • Cereal and bakery products increased 13.8%.
  • Electricity increased 13.7%.
  • Furniture and bedding increased 13.1%.
  • New vehicles increased 11.4%.
  • Fish and seafood increased 11%.
  • Tools, hardware, outdoor equipment, and supplies increased 10.5%.
  • Lodging away from home increased 10%.
  • Citrus fruits increased 9.3%.
  • Pork increased 9%.
  • Men’s apparel increased 8.7%.
  • Fresh fruits increased 7.3%.
  • Used cars and trucks increased 7.1%.
  • Fresh vegetables increased 6.5%.
  • Financial services increased 4.6%.
  • Beef and veal increased 4.1%.
  • Women’s apparel increased 3.5%.

(Photo Credit: iStock.com / sefa ozel)