FOOD AND ENERGY PUSHING INFLATION TO 40 YEAR HIGH

Key Points:

  • The Consumer Price Index (CPI) increased 1.0% in May and is up 8.6% in the last year, the highest reading since 1981.
  • Price increases in the last year have been broad, impacting businesses and consumers.
  • The overall food index rose 10.1%, food at home rose 11.9%, and food away from home rose 7.4% over the past 12 months.
  • The largest increase in food was for meats, poultry, fish, and eggs, which increased 14.2%.
  • The index for food away from home rose 7.4%, full service meals rose 9.0%, and limited service meals rose 7.3% over the last 12 months.
  • The energy index rose 34.6% over the past 12 months as all the major energy component indexes increased.
  • The gasoline index rose 48.7%, electricity increased 12.0%, and natural gas rose 30.2% over the last 12 months.
  • The index for all items less food and energy rose 6.0% over the past 12 months.
  • The index for airline fare rose 37.8%, used cars and trucks increased 16.1%, new vehicles increased by 12.6%, tobacco and smoking products increased by 7.9%, and apparel increased by 5.0%.
  • The Right Facts will continue to monitor inflation.