Our economy is collapsing and families are hurting as the politicians and media put on a theater production in D.C.
Inflation accelerated further in May, with prices rising 8.6% from a year ago for the fastest increase since December 1981, the Bureau of Labor Statistics reported Friday.
The consumer price index, a wide-ranging measure of goods and services prices, increased even more than the 8.3% Dow Jones estimate. Excluding volatile food and energy prices, so-called core CPI was up 6%, slightly higher than the 5.9% estimate.
On a monthly basis, headline CPI was up 1% while core rose 0.6%, compared to respective estimates of 0.7% and 0.5%.
Surging shelter, gasoline and food prices all contributed to the increase.
Energy prices broadly rose 3.9% from a month ago, bringing the annual gain to 34.6%. Within the category, fuel oil posted a 16.9% monthly gain, pushing the 12-month surge to 106.7%.
Shelter costs, which account for about a one-third weighting on the CPI, rose 0.6% for the month and now are 5.5% higher from a year ago.
Finally, food costs climbed another 1.2% in May, bringing the year-over-year gain to 10.1%.