DENVER (KDVR) – Prices continue to climb across the country, continuing a trend that has been occurring since the start of the year.
The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index report on June 10. All items are 5% more expensive than a year ago.
This is the second consecutive month of unprecedented price increases since the Great Recession. April’s price increases have been invisible since September 2008, and May has seen year-over-year price spikes unprecedented since August 2008.
“The consumer price index for all urban consumers (CPI-U) rose 0.6% in May on a seasonally adjusted basis after increasing 0.8% in April, the bureau reported today. of Labor Statistics in the United States, “the statement read. “Over the past 12 months, the All-items index has increased 5.0% before seasonal adjustment; this is the largest 12-month increase since an increase of 5.4% for the period ending August 2008. ”
Nationally, year-over-year prices have increased every month since last fall.
No price category went down, but some categories caused the overall price increase.
These regions were understandably depressed during the throes of last year’s pandemic. Now, as Americans with good savings reappear from their homes, pent-up demand drives prices up.
Gasoline, energy, and used cars and trucks experienced some of the strongest year-over-year growth.
Gasoline prices rose 56.2% in May from a year ago, the largest 12-month increase since 1980.
Energy commodities are up 54.5% and used cars and trucks are up 29.7% over the same period.
Prices have continued to climb month over month and have accelerated since last fall.
For all items, the monthly price index rose 0.6% in May from the previous month. Only certain sections of the energy sector did not see a month-over-month price increase in May.
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