The prices 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.
It’s not just in South Carolina where there seems to be no relief in sight for soaring prices at the pump. The national average for regular gas is now near $5 a gallon, and surging fuel prices are just one of the increased costs consumers are paying that are being driven by inflation.
In addition to gas prices, national prices on food and housing are up. The White House is trying to turn things around, as Americans grow increasingly frustrated.
Consumer News: Rising inflation forcing some American families to make tough choices
The latest government report shows inflation has cooled off slightly, from a record 8.5% last month to 8.3%, meaning consumer prices are rising less rapidly. The news does not necessarily mean economic relief is coming soon for the average American.
Consumer prices jumped 8.3% from 12 months earlier. That was below the 8.5% year-over-year surge in March, which was the highest rate since 1981.
The Federal Reserve intensified its drive to curb the worst inflation in 40 years by raising its benchmark short-term interest rate by a sizable half-percentage point.
Consumer News: Wage increases outpaced by growing inflation, how rising gas prices for truckers impact consumers and more.
Between the stock market’s ups and downs, along with record inflation on nearly everything consumers are paying for, Americans are feeling a sense of uncertain times. At times like this, it may be difficult to know what exactly is the safest thing to do with your money.
An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the economy.
